October 15, 2019 / 11:37 AM / a month ago

Goldman profit hurt by weak underwriting, M&A

Oct 15 (Reuters) - Goldman Sachs Group Inc reported a 27% slump in quarterly profit on Tuesday, hit by lower fees from advising on deals and weakness in underwriting.

The bank’s net earnings applicable to common shareholders fell to $1.79 billion in the quarter ended Sept. 30 from $2.45 billion a year ago. Earnings per share fell to $4.79 from $6.28 a year earlier.

Total net revenue fell 6% to $8.32 billion.

Analysts on average had expected earnings of $4.81 per share and revenue of $8.31 billion, according to the IBES estimate from Refinitiv. It was not immediately clear whether the reported numbers were compatible with the consensus forecast.

Expectations from most brokerages tracking the David Solomon-led investment bank were generally muted as macroeconomic conditions have been weighing on investor sentiment.

Goldman’s main rival Morgan Stanley is expected to report quarterly results on Thursday. (Reporting by Anirban Sen in Bangalore and Elizabeth Dilts in New York; Editing by Saumyadeb Chakrabarty)

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