Goldman Sachs has posted net earnings of $1.33bn for the fourth quarter of 2022, down 66% compared with $3.93bn a year ago.

For the quarter ended 31 December 2022, the group’s diluted earnings per common share (EPS) stood at $3.32 versus $10.81 in the year ago quarter.

Total revenues fell 16% to $10.59bn from $12.63bn in the furth quarter of 2021.

The decline in quarterly revenues was driven by reduced net revenues from the bank’s asset and wealth management unit as well as global banking and markets.

Net revenues in the bank’s asset and wealth management arm dropped 27% year-on-year to $3.56bn during the quarter.

This decline was mainly due to lower net revenues from the group’s equity investments and debt investments business, according to Goldman Sachs.

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Total net revenues in the investment banking division dropped 48% to $1.87bn from $3.6bn in the fourth quarter of last year.

Besides, the banking group’s total operating expenses rose 11% to $8bn due to increased compensation and benefits expenses, higher transaction related expenses along with the addition of NN Investment Partners (NNIP) and GreenSky, among others.

Goldman Sachs CEO David Solomon said: “Against a challenging economic backdrop, we delivered double-digit returns for our shareholders in 2022.

“Our clear, near-term focus is realizing the benefits of our strategic realignment which will strengthen our core businesses, scale our growth platforms and improve efficiency. “The foundation of all of our strategic efforts is our client franchise which is second to none.”