FILE - In this Aug. 19, 2013, file photo, stock traders work at the Goldman Sachs post at the New York Stock Exchange in New York. Goldman Sachs Group Inc. reports quarterly financial results before the market opens on Thursday, Jan. 16, 2014. AP Photo/Mark Lennihan)
January 16, 2014 - 5:03 AM
Goldman Sachs says its fourth-quarter profit dropped 21 per cent as revenue from mortgages and trading in bonds and other securities weakened.
Goldman earned $2.25 billion in the October-December quarter after paying dividends on preferred shares, down from $2.83 billion in the same period a year earlier.
That worked out to $4.60 per share, down from $5.60 per share a year earlier. Goldman Sachs beat the $4.18 per share forecast by Wall Street analysts.
Revenue slipped 5 per cent to $8.78 billion, but exceeded analysts' forecast of $7.72 billion. Recent weakness in trading of bonds, currencies and commodities have depressed earnings for Goldman.
News from © The Associated Press, 2014