Goldman Sachs’s profit fell 13% in the fourth quarter, even as the deals market stayed strong
Trading revenue was $3.99 billion, down 7%, as pandemic-induced volatility in capital markets subsided. Trading revenue fell 11% at JPMorgan and 17% at Citigroup.
Bond-trading revenue of $1.86 billion was essentially flat from a year earlier, while stock-trading revenue shrank 11%.While profits are still flowing from Wall Street, Goldman is working to increase its businesses that cater directly to consumers. Revenue from its consumer and wealth management unit, which includes the Marcus consumer bank and the team serving wealthy clients, rose 19% in the fourth quarter. Consumer-banking revenue grew 8% as consumers carried higher credit-card balances.
Total operating expenses were $7.27 billion, up 23% from the same period a year earlier. Compensation expenses at Goldman rose 31% to $3.25 billion. Banks are in a battle to get and keep rainmakers who can maintain the momentum of the last couple of years. Wall Street firms
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