Goldman Sachs was among the major global banks to post lower profit in Japan last year, pulling back from a bumper 2023.
Net income at Goldman Sachs’s local securities arm fell 30% in the year ended Dec. 31 to ¥27.6 billion ($190 million), down from a 14-year high marked in the previous year, a filing showed.
Barclays and Deutsche Bank also posted double-digit declines in profit at their Japan investment banking units in a reversal from the previous year’s stellar showings, owing partly to weak fixed-income trading. In contrast, Bank of America’s local arm returned to profit, while UBS’ saw net income jump 82%.
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