Goldman Sachs Group posted third quarter earnings that exceeded expectations. The banking behemoth also announced plans to restructure its business divisions.
Goldman’s earnings for the three months ending in September fell -44.7% from the year-ago quarter to $8.25per share, topping the Street expectations of $7.69 per share.
Revenues fell -12% year-over-year to $11.98 billion, compared to analysts' forecasts of $11.41 billion. Investment banking revenues plunged -57% year-over-year to $1.58 billion, while global markets revenues grew +10.5% to $6.2 billion.
The company also unveiled restricting plans, so that its business reporting would have three separate divisions, down from four, that include asset and wealth management, global banking and markets and platform solutions.