Industry

Goldman Sachs, Morgan Stanley post income, revenue declines in 4Q

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