Goldman Sachs has posted net earnings of $2.42bn for Q2 of 2019, a fall of 6% from $2.56bn a year earlier.
Goldman Sachs net revenues for Q2 were $9.46bn, down 2% from $9.63bn in the corresponding quarter of 2018.
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Net revenues in Investment Banking were $1.86bn, a 9% decrease from $2.04bn last year.
In Financial Advisory, net revenues dropped 3% to $776m on a year-on-year basis.
The fall was said to be due to a reduction in merger and acquisition activities.
Net revenues in Underwriting were $1.09bn, a 12% fall from Q2 2018. The bank said that the decrease was the result of lower net revenues in debt underwriting.
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By GlobalDataNet revenues in Institutional Client Services dipped 3% year-on-year to $3.48bn.
Net revenues of $1.47bn in Fixed Income, Currency and Commodities (FICC) Client Execution were 13% lower compared to a year ago.
The decrease was said to be driven by lower net revenues in interest rate products, currencies and credit products.
Net revenues in Equities were $2.01bn, up 6% from the previous year.
Goldman Sachs attributed the rise to higher net revenues in equities client execution.
In Investment Management, net revenues plunged 14% to $1.59bn from $1.84bn.
The fall was due to lower incentive fees, the bank noted.
Goldman Sachs chairman and CEO David Solomon said: “We’re encouraged by the results for the first half of the year as we continue to invest in new businesses and growth to serve a broader array of clients.
“Given the strength of our client franchise, we are well positioned to benefit from a growing global economy. And, our financial strength positions us to return capital to shareholders, including a significant increase in our quarterly dividend in the third quarter.”
