Goldman Sachs Sticks the Landing at End of Tumultuous Year

▤ Summary

Goldman Sachs on Tuesday reported its second consecutive quarter of steady profits, a return to form for the bank that has struggled with management missteps that tarnished its once untouchable reputation on Wall Street. The bank’s fourth-quarter profit of $2 billion was roughly equal to what it earned in the third quarter, but that was a sign of accomplishment. Helping the bottom line: Goldman cut 3,200 employees over the course of 2023, a 7 percent trim in its head count. It is on a long list of multinational companies that have cast off staff in recent months. But shares are still lower than their 2021 peak and the bank’s full-year profit of $8.5 billion last year was the lowest since 2019.

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