Goldman Sachs has posted a net income of $2.17bn, or $4.38 a share for the fourth quarter of 2014, a decline of 7.1% from $2.33bn, or $4.60, a year earlier.
For the quarter ended 31 December2014, the group’s total net revenues were $7.69bn, down 12% compared with $8.78bn a year earlier.
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The bank’s fixed income, currency and commodities division saw a 29% revenue slump during the quarter, from $1.72bn to $1.22bn.
The investment management business of the bank reported net revenues of $1.57bn for the fourth quarter, 2% lower than the fourth quarter of 2013. The decrease was attributed significantly to the lower incentive fees, partially offset by higher management and other fees, primarily due to higher average assets under supervision.
During the quarter, the unit’s total assets under supervision increased $28bn to $1.18 trillion, reflecting an increase in liquidity products.
Commenting on the results, Goldman Sachs chairman and CEO Lloyd Blankfein said: "We are pleased with our performance during a year characterized by mixed global economic and financial conditions. The depth of our global client franchise and our continued discipline on expenses and capital management produced a solid return for our shareholders. Looking ahead, we see evidence of a continued pick up in momentum for the global economy that will improve the opportunity set for 2015."
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