On Wednesday, the Goldman Sachs Group, Inc. (NYSE: GS) announced its financial results for the fourth quarter of 2017. Shares of the bank dropped 3.3% to $249.90 per share in morning trading today.
According to the company, for the fourth quarter, the company reported a net loss $2.1 billion, or $5.51 per share. The bank also took $4.4 billion charge related to sweeping U.S. tax law changes. Excluding certain items, the bank reported earnings per share of $5.68, beating analysts’ estimates of $4.91 per share.
The bank reported revenue of $7.83 billion, beating estimates of $7.61 billion. However, trading revenues in the critical fixed income, currencies and commodities space dropped 50 % from the same period last year. Overall trading revenue decreased 34%.
“Last year, we delivered higher revenue and stronger pre-tax margins despite a challenging
environment for our market-making businesses,” Lloyd C. Blankfein, the Chairman and Chief
Executive Officer of Goldman Sachs, said in the statement on Wednesday.
“With the global economy poised to accelerate, new U.S. tax legislation providing tailwinds and a leading franchise across our businesses, we are well positioned to serve our clients and make significant progress on the growth plan we outlined in September,” he said.