GOLDMAN SACHS 40 PROFITS JUMP 51%, BUT FULL YEAR REFLECTS DIFFICULT QUARTER FOR THE BANK

Goldman Sachs’ profits jumped 51% from a year earlier, the investment banks said this week, helped by the strong returns in the overall market in the last three months of the year.

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However the storied investment bank closed out a difficult 2023 with its profits down nearly a third from 2022, as the bank wrote off its consumer banking franchise and laid off employees in what the bank has called a turnaround year.

Goldman posted a profit of $2 billion in the last three months of the year, up from $1.33 billion in the same period a year earlier. On a per-share basis, Goldman earned $5.48 per share, beating analysts’ expectations.