Goldman Sachs profits jump 51% but full year reflects difficult period for bank

Goldman Sachs’ profits in the last quarter rose 51% compared with a year earlier but it closed out a difficult 2023 with overall profits down nearly a third from 2022 (Stefan Rousseau/PA)

Goldman Sachs’ profits in the last quarter rose 51% compared with a year earlier, the US investment bank said on Tuesday, helped by strong returns in the overall market.

However it closed out a difficult 2023 with overall profits down nearly a third from 2022, as the bank wrote off its consumer banking franchise and laid off employees in what the bank has called a turnaround year.