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‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Goldman Sachs Q2 profits at $1.1bn

Revenues also tumbled in trades connected to fixed income, commodities and  currencies. (AFP)
  • The big investment bank has essentially abandoned a once-touted push to compete with retail banks for Main Street consumers.
  • Goldman also suffered a drop in its other main division, asset and wealth management, citing net losses and markdowns in real estate.

NEW YORK, US – Goldman Sachs reported a steep drop in second-quarter profits Wednesday as it continued to struggle with an anemic merger and acquisition market and weakness in trading.

Profits came in at $1.1 billion, down 62 percent from the year-ago period. Revenues fell eight percent to $10.9 billion.

The big investment bank, which has essentially abandoned a once-touted push to compete with retail banks for Main Street consumers, pointed to a “significant decline in industry-wide completed mergers and acquisitions transactions” as a drag on its critical global banking and markets division.

Revenues also tumbled in trades connected to fixed income, commodities and  currencies; revenues were flat in equities trading.

Goldman also suffered a drop in its other main division, asset and wealth management, citing net losses and markdowns in real estate.

In a June interview on CNBC, Goldman Sachs Chief executive David Solomon had warned of the hit to commercial real estate in the wake of higher interest rates and a shift to remote work.

Solomon has come under scrutiny over his management of the bank’s consumer banking business, which was begun by predecessor Lloyd Blankfein but aggressively expanded by Solomon.

A recent Wall Street Journal expose described the storied firm as at “war with itself,” highlighting widespread complaints of partners about Solomon, who championed the acquisition of fintech platform GreenSky in 2021, an asset the bank now plans to divest.

Shares of Goldman dipped 0.1 percent to $336.95 in pre-market trading.