Goldman Sachs and Morgan Stanley posted declines in income and revenue during the fourth quarter, according to financial results announced Tuesday.
Goldman Sachs saw its net earnings decline to $1.3 billion, down 66.7% from $3.9 billion during the same period in 2021.
The multinational investment bank's net revenues fell 15.9% to $10.6 billion, from $12.6 billion.
For the year, net earnings plummeted 47.7% to approximately $11.3 billion, from $21.6 billion.
Total net revenues fell to around $47.3 billion last year -- a decline of 20.2% from $59.3 billion the previous year.
With weak financial results, Goldman Sachs' stock price was down 3.1% during pre-market trading at 9.10 a.m. EDT.
Net income for Morgan Stanley declined to $2.2 billion in the fourth quarter which was down 40.5% from $3.7 billion.
The New York-based firm's net revenues fell 12.4% to $12.7 billion, from $14.5 billion.
Net income dove 26.7% to $11 billion in 2022, down from $15 billion.
Net revenues fell to approximately $53.7 billion last year, which was a decline of %10 from $59.7 billion.
Despite the weak financial results, Morgan Stanley's stock price was up 3.5% during pre-market trading.
Source: Anadolu Agency