Goldman Sachs Reports Declining Profits On Mounting Loan Loss Provisions

By John F. Heerdink, Jr.

The Goldman Sachs Group, Inc. (GS) reported quarterly earnings recently confirming a 49% fall in their quarterly profits. The bank has reported having put aside nearly $1B to meet future loan defaults and booked heavy losses on its debt and equity investments. The bank’s net earnings payable to common shareholders fell to $1.12 billion in the quarter ending March 31 versus $2.18 billion a year ago. Earnings per share dropped to $3.11 from $5.71 a year earlier.

“Our quarterly profitability was inevitably affected by the economic dislocation. As public policy measures to stem the pandemic take root, I am firmly convinced that our firm will emerge well-positioned,” stated Goldman Chief Executive David Solomon.

The Goldman Sachs Group, Inc. (GS) is one of the world’s leading investment bankers & also a securities and investment management firm that offers a wide range of financial services with a diversified client base. To learn more about The Goldman Sachs Group, Inc. (GS) and to continue to track its progress please visit the Vista Partners Goldman Sachs Group, Inc. (GS), Coverage Page

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(Read Original Story: Goldman Sachs profit halves on mounting loan loss provisions in Reuters)


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