Argus keeps a Hold rating on Goldman Sachs after its Q3 results. The company’s earnings missed expectations and revenues fell 1% amid lower net interest income and FICC trading revenues, the analyst tells investors in a research note. Goldman Sach’s consumer businesses also continued to be unwound with the announced sale of GreenSky earlier in October, as the company took a further write-down of $506M for GreenSky and an impairment of $358M related to real estate investments, Argus states. A meaningful recovery in Goldman’s revenues will require a marked improvement in investment banking, where some resurgence occurred late in Q3, but the backlog still declined sequentially at quarter end, the firm added.
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