Goldman Sachs has slumped to its lowest quarterly profit in three years, as a costly retreat from consumer banking deepened the pain of the industry-wide slowdown in deals and trading.
Net income plunged by almost two-thirds to $1.1bn in the second quarter, down from $2.8bn a year earlier, Goldman said on Wednesday.
The Wall Street bank has been hit hard by the prolonged weakness in investment banking and trading, its historic profit engines. Investment banking revenues tumbled 20 per cent to $1.4bn while revenues from trading equities, fixed income, currencies and commodities fell 12 per cent to $5.7bn.
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