Goldman Sachs' Asian business has slumped to a three-year low

Posted by PSR_AXP 42 days ago
Goldman Sachs has revealed the extent of the slump in its Asia-Pacific operations after cutting jobs in Hong Kong last month.
Goldman’s revenues in APAC fell by more than a third to $1.3bn during the third quarter, and by 28% during the first nine months of the year on the back of a strong 2021. This was Goldman’s worst third quarter performance in Asia since 2019.
Goldman fared worse than rival Morgan Stanley, whose APAC revenues fell by 14% during the third quarter and by 10% in the first nine months. CEO James Gorman said that the bank cut risk by pulling in its Asia margin book. Neither Goldman nor Morgan Stanley provided a breakdown of their revenues by division. 

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