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Goldman (NYSE: GS) Reports 43% Decrease In Profits, But BEATS Wall Street Expectations

Goldman Sachs Group Inc (NYSE: GS) reported a 43% decline in profits but beat Wall Street expectations Friday as strong performances by its wealth management and trading business partly offset a slumping in equity underwriting as stock markets listings dried up.

Wall Street banks are under pressure due to a global slump in dealmaking. However, volatility caused by worries about interest rate hikes as well as the economic fallout from the Ukraine war has helped Goldman’s trading desks surpass expectations.

The global markets segment of the bank reported net revenue of $7.87billion, an increase of 4% over last year when trading activity was at its peak. The bank’s strong performance was due to a 21% increase in fixed-income revenue.

Under Chief Executive David Solomon, the Wall Street bank is also taking steps to diversify its revenue stream. It has been able to earn more from predictable sources such as consumer banking, wealth management and asset management.

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