Goldman Sachs has reported net earnings of $1.43bn for the third quarter of 2015, down 36% from $2.24bn a year ago.
For the quarter ended 30 September 2015, the group’s total net revenues were $6.86bn, down 18% compared with $8.38bn a year earlier.
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The investment management business of the bank reported net revenues of $1.42bn, 3% lower from $1.45bn a year ago due to lower incentive fees, partially offset by higher transaction revenues.
The bank said that the unit’s total assets under supervision stood at $1.19 trillion compared to $1.15trn during the third quarter of 2014.
Long-term assets under supervision at the unit increased $11bn, including net inflows of $41bn primarily reflecting net inflows in fixed income and equity assets, partially offset by net market depreciation of $30bn, primarily in equity assets.
For the quarter, liquidity products decreased $5bn.
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By GlobalDataCommenting on the results, Goldman Sachs chairman and CEO Lloyd Blankfein said: "We continue to see strong levels of activity in Investment Banking and growth in Investment Management, and looking ahead, are encouraged by the competitive positioning of our global client franchise."
