Goldman Sachs' Profit Plunge Confirms a Woeful Consumer Strategy
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How did Goldman Sachs go from being a giant vampire squid to supermarket sashimi so fast? The bank posted one of its worst quarters in years and was the only one of the six US megabanks to disappoint Wall Street.
Goldman said Wednesday that its second-quarter profit plunged 60% from a year ago to $1.22 billion, much of that due to pain in its consumer banking and asset management divisions. For the moment, CEO and part-time DJ David Solomon's day job seems safe, but it's not a good look for the firm.
Source Fool.com
