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Goldman profit hit by weaker bond trading, investment banking
[LONDON] Goldman Sachs Group Inc reported a 7 per cent drop in quarterly profit as investment banking revenue slid and an unexpected bout of market volatility in December hit revenue in its business that trades bonds, currencies and commodities.
Goldman's net income fell to US$2.17 billion, or US$4.38 per share, in the fourth quarter from US$2.33 billion, or 4.60 per share, a year earlier.
Analysts had expected earnings of US$4.32 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the figures reported on Friday were comparable.
Revenue in the bank's division that trades bonds, currencies and commodities - a traditional strength for Goldman - fell 29 per cent to US$1.22 billion. Investment banking revenue fell 16 per cent to US$1.44 billion.