Goldman Sachs' Q2 Profits Plunge 58% Amid Hits from GreenSky and Real Estate

Goldman Sachs reported a 58% drop in profits for Q2, with investment banking revenue declining 20% and trading dropping 14%. The results, which included impairment charges on consumer and commercial real estate holdings, mark the lowest quarterly profit for the firm since early 2020. CEO David Solomon is facing scrutiny over partner unrest and concerns about strategy as he tries to move past a costly consumer-banking experiment. Despite the decline, Solomon expressed optimism about the direction of capital markets. Other big banks, including Citigroup and JPMorgan Chase, have also reported a slowdown in investment banking and trading.