Goldman Sachs notches worst annual profit in four years, 24% drop from 2022

Goldman Sachs reported its lowest annual profit since 2019 following losses from a failed expansion into consumer banking — combined with an economic slowdown that hit its primary businesses last year, the Wall Street giant said Tuesday.The drag on its bottom line came despite the bank posting fourth-quarter earnings that beat analyst expectations, Goldman CEO David Solomon told analysts. The bank reported net income of $8.5 billion for 2023 — a 24% drop from 2022 and the lowest level the bank has seen in ...