Goldman Sachs unveils business revamp as third-quarter profit falls

Profit applicable to common shareholders fell to $2.96 bn, or $8.25 per share, in the quarter ended Sept. 30, from $5.28 bn, or $14.93 per share, a year ago

Goldman Sachs Group Inc said on Tuesday it was reorganizing its business into three units, as the Wall Street giant undertakes another overhaul in less than three years, and reported a drop in third-quarter profit.
 

Profit applicable to common shareholders fell to $2.96 billion, or $8.25 per share, in the quarter ended Sept. 30, from $5.28 billion, or $14.93 per share, a year ago.
 

Analysts had expected a profit of $7.69 per share, according to Refinitiv data. It was not immediately clear if the reported numbers were comparable to estimates.
 

It is the biggest shakeup by the investment bank in