by Calculated Risk on 9/16/2008 08:59:00 AM

At least they are still making money ...

From the WSJ: Goldman's Net Drops 70%

Goldman Sachs Group Inc. posted a 70% drop in fiscal third-quarter net income on declining client activity and asset valuations as return on equity fell. ... For the quarter ended Aug. 29, [Goldman] reported net income of $845 million ... Net revenues fell 51% to $6.04 billion ... many worries remain as Goldman's latest numbers show even a firm that in the past was seen as golden is being badly hurt by deteriorating market conditions.

Goldman managed to avoid most of the housing and credit related problems, but the overall business is weak.