$7.31 billion or 70 cents a share, a year earlier.
Citi’s profit fell to $2.5 billion, or $1.05 per
share, from $4.7 billion, or $1.87 per share, a
year earlier.
Goldman Sachs had to set aside $937 million to
cover potentially bad loans, up from $224 million
a year earlier. But Goldman took the biggest hit
in own portfolio. The investment bank owns
stakes in several large public companies as well
as its own private equity portfolio. Many of
those companies saw their stocks plummet last
quarter as the stock market ended its 11-year
bull run, so Goldman had to mark those losses
on its balance sheet.