NEW YORK -- Goldman Sachs Group Inc. reported flat third-quarter profit as the financial giant slashed expenses and endured a slump in trading revenue.
Goldman posted $1.52 billion in net income, or $2.88 a share, compared to $1.51 billion, or $2.85, in the third quarter last year.
The New York firm's results beat the $2.43-per-share earnings expected by analysts polled by Thomson Reuters.
Net revenue declined by 20% year-over-year to $6.72 billion. Goldman's investment banking business was flat and it saw a slight rise in investment management revenue.
But the bank saw a 44% drop in revenue from trading in bonds, currency and commodities. The bank cited "economic uncertainty, difficult market-making conditions in certain businesses and lower levels of activity."