Goldman Sachs misses revenue estimates after taking $470 million hit on Marcus loans

Revenue of $12.22 billion vs. $12.79 billionDavid Solomon, chief executive officer of Goldman Sachs Group Inc., during a Bloomberg Television at the Goldman Sachs Financial Services Conference in New York, US, on Tuesday, Dec. 6, 2022.posted first-quarter profit on Tuesday that missed analysts' expectations for revenue after taking a $470 million hit tied to the sale of consumer loans.Revenue: $12.22 billion vs. $12.

The bank said profit fell 18% to $3.23 billion, or $8.79 a share, topping the estimate of analysts surveyed by Refinitiv. Revenue fell 5% to $12.22 billion, below estimates on the consumer loan hit and weaker-than-expected bond trading results.Unlike its more diversified rivals, Goldman gets the majority of its revenue from Wall Street activities, primarily trading and investment banking.

and a global investment bank was forced to merge with a longtime rival — would provide a good or bad backdrop to trading.

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