Fees from helping companies sell shares dropped 20% from the second quarter to $385 million. Embattled office-sharing firm WeWork and Ari Emanuel’s Endeavor Group abandoned plans for an IPO amid tepid investor interest. The debt-capital markets business brought in $586 million, a decline from the previous quarter.
The firm did highlight an increase in its investment-banking backlog and will also benefit when Saudi Aramco brings its mammoth share sale to market. It’s advising on a potentially massive share sale for the oil giant, with the fee pool for advisers likely to total as much as $450 million.
The growth of Goldman’s Marcus business, which offers consumer loans and savings accounts, has forced the bank to pay attention to falling rates. The firm cut the amount of interest it pays depositors with online savings accounts at least three times since June. But Goldman’s lending to private wealth clients as well as through Marcus resulted in $891 million of net interest income, a record for a quarter.
This article was provided by Bloomberg News.