Status of Goldman Sachs in the last 24 hours
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Frequent failures of Goldman Sachs
The institution's poor earnings for the past three quarters do reflect some strategic errors.
Goldman has taken losses in its consumer-banking efforts, and has written down the value of acquisitions.
Sluggish profits also reflect a failure to shrink its proprietary investment arm quickly.
Goldman Sachs reported a sharp drop in profit on Wednesday as dealmaking and trading, a core part of the mega bank's business, dry up.
The Wall Street titan also felt the pain of a nearly $1 billion reduction in the value of its consumer and real estate businesses.
Essentially, Goldman Sachs continues to be hit hard by the slowdown in investment banking activity.
Unlike competitors like JPMorgan Chase and Bank of America, Goldman has a far narrower number of income sources.
That makes the recent downturn in deal-making activity a much bigger problem for them.
Goldman's consumer bank failure However, with losses of over three billion dollars in the last three years, Goldman is now starting to withdraw from the market.
Goldman Sachs will ride this out.
At 3% of its overall revenues, a storm in its consumer business is an irritant, not an existential threat.
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