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Coronavirus pandemic eats away Goldman's profits as investment takes a hit

The Wall Street trading powerhouse on Wednesday also warned that it expects reduced revenue in its asset and wealth management businesses and a higher rate of client defaults

Topics
Coronavirus | Goldman Sachs | Goldman Sachs Group

Reuters 

Goldman Sachs Group Inc’s (GS.N) quarterly profit nearly halved, as it set aside more money to cover for corporate loans expected to go bust in the coming months and booked heavy losses on its debt and equity investments. The Wall Street trading powerhouse on Wednesday also warned that it expects reduced revenue in its asset and wealth management businesses and a higher rate of client defaults in the aftermath of the coronavirus pandemic. While total net revenue was flat at $8.74 billion, three out of the bank’s four business lines reported higher numbers. Analysts on ...

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First Published: Wed, April 15 2020. 19:58 IST
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