HomeNewsGoldman Sachs fourth-quarter profit plunges by two-thirds

Goldman Sachs fourth-quarter profit plunges by two-thirds

Joshua Franklin reports from New York

Goldman Sachs’ profit fell by two-thirds last quarter, missing forecasts and capping off a dismal year in which it was forced to embark on its biggest cost-cutting drive since the financial crisis.

It was the fifth straight quarter of profit decline for the Wall Street bank. The bank has moved to cut more than 3,000 jobs, cut bonuses and launch a spending review.

The decline in fourth-quarter profit reported on Tuesday was weighed down by a sharp slowdown in investment banking activity, against a backdrop of rising interest rates and a weakening global economy…

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