Goldman Sachs CEO Lloyd Blankfein: It’s the Environment, Stupid

Goldman Sachs Group (NYSE:GS) is up 1% in early trading after analysts expressed concern over the bank’s Q3 numbers which were awash in red.

Goldman (NYSE:GS) posted a loss of $428 million driven primarily by a sharp fall in the value of assets held on the books of its Investing & Lending division. Losses also stemmed from declines in revenues from its bond trading and investment banking operations. Revenues also fell 36% in its fixed income, currency, and commodities client trading business.

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Overall net revenue, at $3.6 billion, was down over 60% versus the previous year and 51% versus the preceding second quarter. The loss translated to 84 cents per share, compared to $2.98 a share a year ago.

Attributing the disappointing results to difficult market conditions and lack of confidence among corporate and investing clientele, CEO Lloyd Blankfein said, “our results were significantly impacted by the environment and we were disappointed to record a loss in the quarter.”

This was only Goldman’s (NYSE:GS) second losing quarter in its history as a public company.

GS (NYSE:GS) is trading at $98.05 today, up 1.19%. Shares are down 36.96% in one year. The stock’s trading range for the year is between $84.27 and $175.34.

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