Goldman Sachs reported lower than expected second-quarter earnings of $1.1bn and announced 1,000 job cuts, as the bank was hit by a slowdown in trading and reduced its risk exposure to torrid financial markets.
While Wall Street had been braced for a weak earnings season, last week’s better-than-forecast results from JPMorgan Chase and Citigroup had raised hopes that the pessimism was overdone.
Goldman reported earnings per share of $1.85 for the three months to the end of June, compared with expectations of about $2.27, and announced lay-offs, representing 3 per cent of its workforce.
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