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Greensky

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business2 years ago•4 min saved

Goldman Sachs Surpasses Expectations with Strong Profits Amid GreenSky and Real Estate Challenges

Goldman Sachs reported a third-quarter profit drop of 33% to $2.06 billion, beating analysts' expectations, as a recovery in dealmaking helped offset an $864 million writedown related to its GreenSky fintech business and real estate investments. The bank's CEO, David Solomon, expressed optimism for continued recovery in capital markets and strategic activities. Goldman's investment banking fees remained largely unchanged, while equity and debt underwriting revenues saw increases. However, weakness in fixed income instruments, currencies, and commodities (FICC) resulted in a 6% decline in net revenue. The bank's ill-fated consumer banking venture and real estate investments continued to weigh on earnings.

via Reuters|

#business #dealmaking #goldman-sachs

business2 years ago•1 min saved

Goldman Sachs' GreenSky sale to impact Q3 earnings, warns consortium leader Sixth Street

Goldman Sachs has announced that it will sell its fintech lending platform, GreenSky, to a group of investors led by private equity firm Sixth Street. The deal, which includes a book of loans created by Goldman, will result in a 19 cents per share reduction to third-quarter earnings. This move is part of CEO David Solomon's strategy to retrench from the bank's consumer finance ventures and focus on its core investment banking, trading, and asset and wealth management operations.

via CNBC|

#business #consumer-finance #earnings

finance2 years ago•1 min saved

Goldman Sachs' Profit Plummets as GreenSky and Real Estate Take a Toll

Goldman Sachs reported second-quarter profit below analysts' expectations due to writedowns related to commercial real estate and the sale of its GreenSky lending unit. The bank's profit fell 58% to $1.22 billion, or $3.08 a share, while companywide revenue declined 8% to $10.9 billion. Goldman faces challenges in its investment banking and trading businesses, and has warned of write-downs on commercial real estate and impairments tied to the planned sale of GreenSky. The bank's reliance on volatile Wall Street activities makes it susceptible to market fluctuations. Analysts will likely question CEO David Solomon about plans to retrench from consumer banking, and Goldman's shares have dipped nearly 2% this year.

via CNBC|

#finance #goldman-sachs #greensky

finance2 years ago•2 min saved

Goldman Sachs Plans Job Cuts Amidst Market Revenue Decline

Goldman Sachs plans to cut more jobs as the difficult economic environment weighs on dealmaking, and warns trading revenue could fall 25% this quarter. The firm is expected to cut just under 250 jobs in the coming weeks. Goldman Sachs CEO David Solomon had championed Goldman's foray into consumer banking since taking the reins in 2018. But the consumer operations largely failed to gain traction against well-established consumer banks and lost billions of dollars due to credit provisioning.

via Reuters|

#finance #goldman-sachs #greensky