The ups and downs at Goldman Sachs mirror the performance at JPMorgan Chase & Co., which on Tuesday said trading revenue soared along with provisions for loan losses. Bank of America Corp. said Wednesday that it allocated $4.76 billion for loan losses, the most since 2010.
Goldman has been making a bigger foray into consumer banking in the past few years. Its credit-loss provision more than quadrupled to $937 million from $224 million. The firm cited “pressure in the energy sector,” the impact of Covid-19 and new accounting standards.
Other Highlights
• Net income dropped 46% to $1.2 billion, or $3.11 a share.
• Total revenue fell 1% to $8.7 billion.
• Consumer deposits increased by a record $12 billion to $72 billion.
This article was provided by Bloomberg News.