Microsoft will buy Activision Blizzard, a bet on the next generation of the internet.
Goldman Sachs’s fourth-quarter earnings fell, the investment bank said on Tuesday, taking the shine off a solid year in which it reported a record $21.6 billion profit.
The Wall Street bank said profit in the final three months of the year dropped 13 percent from the previous year to $3.94 billion, or $10.81 a share, falling short of analysts’ expectations. The results echoed a pattern of declining fourth-quarter earnings set by other banking giants — JPMorgan Chase and Citigroup — that reported results on Friday.
But the firm still racked up its largest-ever annual profit on a record revenue of $59.3 billion, helped by deal-making by its investment bankers.
“2021 was a record year for Goldman Sachs,” David M. Solomon, the company’s chief executive, said in a statement. “Our leadership team remains committed to growing Goldman Sachs, diversifying our businesses and delivering strong returns.”
Shares of Goldman Sachs fell more than 2 percent in premarket trading.
Goldman Sachs joined its Wall Street peers in bumping up pay after producing blockbuster profits. The company’s investment bankers brought in record revenue, while its stock and bond traders generated the highest revenue in 12 years, even as quarterly revenue in its trading division slumped 7 percent. Their performance prompted “significantly higher compensation” expenses, which rose 33 percent from a year earlier.
Article source: https://www.nytimes.com/live/2022/01/18/business/stock-market-economy-news