Investing.com -- Goldman Sachs (NYSE:GS) has reported worse-than-expected second quarter earnings per share, as the banking giant was hit by one-off charges related to the sale of its home improvement lending group GreenSky and losses on its consumer and real estate loan portfolios.
Diluted earnings per share for the three months ended on June 30 dropped by 60% to $3.08, under Refinitiv projections of $3.18. Total net revenue, meanwhile, fell by over 8% to $10.89 billion, although this still managed to top estimates of $10.66B.
Shares in Goldman edged lower in premarket trading on Wednesday.
Chief executive David Solomon and other members of Goldman's management team had already flagged that this would be a challenging quarter, fueling debate among analysts over how bad the earnings would be for one of Wall Street's most powerful banks.