Goldman Sachs Asset and Wealth Management Profits Collapse

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On the heels of announcing significant layoffs and a major internal restructuring, Goldman Sachs reported disappointing earnings that were weighed down by declining revenue in its Asset and Wealth Management business.

For the fourth quarter, Goldman reported net revenue in AWM of nearly $3.6 billion, down 27% from the same period in 2021. For the year, AWM posted net revenue of nearly $13.4 billion, off 39% from 2021, a decline the company attributed to falling revenue from equity and debt investments.

Companywide,…