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Goldman Sachs sees Q3 net earnings drop 27% YOY

Goldman Sachs Group Inc. reported third-quarter net earnings applicable to common shareholders of $1.79 billion, or $4.79 per share, down from $2.45 billion, or $6.28 per share, in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was $4.88.

Total net revenues for the third quarter were $8.32 billion, a 6% decrease from $8.82 billion in the same period last year.

Investment banking revenues were $1.69 billion, a 15% decrease from the year-ago figure of $1.98 billion. Financial advisory revenues were down to $716 million from $916 million, while equity underwriting and debt underwriting revenues also fell. Investing and lending revenues dropped 17% to $1.68 billion from $2.04 billion, with equity securities revenues plunging 40% to $662 million but debt securities and loans revenues rising 10% to $1.02 billion.

Investment management revenues were down 2% on a year-over-year basis to $1.67 billion from $1.70 billion. Management and other fees revenues posted a 5% increase to $1.46 billion from $1.38 billion, but declines were seen in incentive fees and transaction revenues.

Institutional client services revenues for the third quarter rose 6% on a year-over-year basis to $3.29 billion from $3.10 billion. Fixed income, currencies and commodities client execution revenues increased 8% to $1.41 billion from $1.31 billion, while commissions and fees and securities services revenues increased as well.

Total operating expenses for the third quarter were $5.62 billion, a slight increase from the year-ago figure of $5.57 billion.