Goldman Sachs reveals 3Q big earnings dip blaming global market fears
Goldman Sachs - 3Q2015 net profits of $1.43bn, down over a third YoY, and missing estimates.  Revenue also fell 20%, to $6.9bn.  CEO, Lloyd Blankfein blamed a lower levels of activity, coupled with declining asset prices during the quarter, caused by renewed concerns over global economic growth.

Goldman Sachs is known for outperforming its competitors on Wall Street.

But in the third quarter, it was Goldman that underperformed.

The Wall Street firm said on Thursday that both its revenue and its profit declined more sharply than expected as the bank struggled with volatility in the financial markets.

It was a tough quarter for most big banks, which were hobbled by the market turmoil set off in August by China’s economic slowdown. But Goldman’s third-quarter results were even worse than its competitors’.

At the huge trading desks of Goldman’s biggest competitor, JPMorgan Chase, revenue fell 11 percent from the same quarter a year earlier. At Goldman, the decline was 34 percent.