Goldman Sachs Group Inc. (NYSE:GS) swung to a loss in the third quarter, missing analysts’ forecast. Reported a loss of $393 million (84 cents per diluted share) in the quarter. The diversified investments company had net income of $1.9 billion or $2.98 per share in the year earlier quarter. Revenue fell 66.5% to $3.59 billion from the year earlier quarter. GS fell short of the mean analyst estimate of a loss of 6 cents per share. It fell short of the average revenue estimate of $4.78 billion. Goldman Sachs shares are up over 1% today.
“CEO and investor confidence as well as asset prices across markets were lower in the third quarter given the uncertain macroeconomic and market conditions. Our results were significantly impacted by the environment and we were disappointed to record a loss in the quarter,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer. “However, we believe the strength of both our client franchise and our balance sheet positions us well for when economies and markets improve.”
Competitors to Watch: Morgan Stanley (NYSE:MS), JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corp. (NYSE:BAC), Citigroup Inc. (NYSE:C), UBS AG (NYSE:UBS), Deutsche Bank AG (NYSE:DB), Wells Fargo & Company (NYSE:WFC), Credit Suisse Group AG (NYSE:CS), and Piper Jaffray Companies (NYSE:PJC).
Bank of America Corporation (NYSE:BAC) climbed to a profit in the third quarter and beat Wall Street’s expectations in the process. Reported a profit of $6.2 billion (56 cents per diluted share) in the quarter. The bank had a net loss of $7.3 billion or a loss of 77 cents per share in the year earlier quarter.Revenue noninterest income was $17.96 billion last quarter. BAC beat the mean analyst estimate of 20 cents per share. Bank of America shares are up over 1% today
“This quarter’s results reflect several actions we took that highlight our ongoing transformation toward becoming a leaner, more focused company,” said Chief Executive Officer Brian Moynihan. “The diversity and depth in our customer and client offerings provided some resiliency in a very challenging environment.”
Competitors to Watch: Citigroup Inc. (NYSE:C), Wells Fargo & Company (NYSE:WFC), JPMorgan Chase & Co. (NYSE:JPM), U.S. Bancorp (NYSE:USB), Goldman Sachs Group, Inc. (NYSE:GS), Barclays PLC (NYSE:BCS), Morgan Stanley (NYSE:MS), PNC Financial Services (NYSE:PNC), KeyCorp (NYSE:KEY), and American Express Company (NYSE:AXP).