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Goldman Sachs reports 43% profit drop amid plans for historic overhaul as dealmaking drought continues

Goldman also confirmed a broad reshuffling in how it is organised, marking one of the biggest overhauls in the firm’s history

David Solomon aims to shift Goldman Sachs toward businesses that generate steady fees no matter the environment
David Solomon aims to shift Goldman Sachs toward businesses that generate steady fees no matter the environment Photo: Patrick T. Fallon /Getty Images

Goldman Sachs said on 18 October that profit fell 43% in the third quarter, making it the latest Wall Street player to suffer from a deal-making drought.

The bank said it earned $3.07bn, down from $5.38bn a year ago. Still, per-share earnings of $8.25 exceeded the $7.75 a share expected by analysts polled by FactSet.

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