Goldman Sachs in Q3 2019 has seen a 22% fall in pre-tax earnings to hit $2,416m compared to the same quarter a year previous.
For the year to date, the firm saw earnings of $8,262m, a 15% fall year-on-year.
Net earnings fell sharper to $1,877m, a 26% drop for the quarter from $2,524m in Q3 2018. With year-to-date, it fell 17% to $6,549m from $7,921m.
Net revenue for the quarter totalled at $8.32bn, 20% ($1.68bn) of which was attributed to investing and lending.
“Our results through the third quarter reflect the underlying strength of our global client franchise and its ability to produce solid results in the context of a mixed operating environment. We continue to execute on our strategic priorities, including investing in important growth opportunities in our existing and new businesses and in delivering for our clients in the most efficient and effective manner possible. We believe that this focus will best position the firm to generate long-term, industry-leading returns for our shareholders,” said David M. Solomon, chairman and chief executive Goldman Sachs.
Goldman Sachs Q3 2019 highlights
Net revenues were $26.59 billion and net earnings were $6.55 billion for the first nine months of 2019 for Goldman Sachs in Q3 2019.
Diluted earnings per common share (EPS) was $4.79 for the third quarter of 2019 compared with $6.28 for the third quarter of 2018 and $5.81 for the second quarter of 2019, and was $16.32 for the first nine months of 2019 compared with $19.21 for the first nine months of 2018.
In addition, the bank ranked number one, according to Dealogic, for announced deals and mergers for the year-to-date. In addition, it also ranked top for worldwide equity and equity-related offerings, common stock offerings and initial public offerings for the same time period.
Net provisions for litigation and regulation for Q3 2019 were $47m, a shasrp drop from the $136m in Q3 2018.
Headcount increased 6% in the quarter and this was primarily attributed to the timing of campus hires and the acquisition of United Capital.