Wall Street’s slowdown cuts into Goldman’s 2Q profits

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Investment banking giant Goldman Sachs saw its second-quarter profits fall nearly half from a year ago, as the markets turmoil and warnings of a possible recession caused the bank’s deal-making business to slow down considerably. The New York-based bank said Monday that it earned a profit of $2.77 billion, or $7.73 a share, compared to a profit of $5.35 billion, or $15.02 a share, in the same period a year earlier. Goldman was the latest of the big banks to report a big decline in profits compared to 2021. Goldman’s trading desks were able to make up for some of the losses in other divisions. Shares rose 3%.