Goldman Sachs Group has reported net earnings of $978m, or $1.84 diluted earnings per share, for the fourth quarter of 2011, compared to $2.23bn, or $3.79 diluted earnings per share, for the same period in 2010.
Net revenues, including net interest income, for the fourth quarter of 2011 were $6.05bn, down 30%, compared to $8.64bn for the same period a year ago.
Investment banking net revenues were $857m, down 43%,compared to the same period in the prior year.
Institutional Client Services net revenues fell 16% form a year ago to $3.06bn, reflecting lower results in mortgages and credit products.
For the full year 2011, Goldman Sachs reported a 67% drop in earnings, to $2.51bn, or $4.51 diluted earnings per share, as revenues declined 26% to $28.81bn.
Goldman Sachs chairman and CEO Lloyd Blankfein said that this past year was dominated by global macro-economic concerns which significantly affected their clients’ risk tolerance and willingness to transact.