Wall Street banking giant Goldman Sachs Group, Inc. reported a 60-year over year drop in second quarter profits on Wednesday, with the weakness blamed primarily on dwindling deal activity.
“Goldman Sachs reported a sharp drop in profit on Wednesday as deal making and trading, a core part of the mega bank’s business, dry up. The Wall Street titan also felt the pain of a nearly $1 billion reduction in the value of its consumer and real estate businesses,” said CNN reports.
