Goldman Sachs Group reported net earnings of $845 million for its fiscal third quarter ended Aug. 29, down 60% from the prior quarter and down 70% from the year before, with the decline attributed to a marked decrease in client activity and declining asset valuations, the company said in an announcement today.
The decline for Goldman Sachs was its largest since the company went public in 1999.
Separately, Goldman Sachs Asset Management had assets under management of $863 billion as of Aug. 29, down 3.6% from the prior quarter but up 8.4% from the year before.
An SEC filing by the parent company said the $32 billion drop in assets from the prior quarter resulted from $25 billion in market depreciation and net outflows of $7 billion. Those outflows, focused on equity and money market assets, were partially offset by inflows in alternative and fixed-income strategies.
GSAM had net inflows of $6 billion for the prior quarter and $50 billion for the year-earlier quarter. Goldman reported net revenues for the quarter from asset management at $1.13 billion, down slightly from $1.16 billion for the prior quarter and down 6% from the year before.