Goldman Sachs beat analysts’ estimates for revenue but quarterly profit was marred by a $1.1 billion litigation charge.
The New York-based bank on Wednesday posted quarterly revenue of $9.96 billion, a 23% increase that exceeded the $8.51 billion estimate by more than $1 billion.
But quarterly profit was stung by the litigation charge, driving a 22% decline in earnings to $4.69 per share. Excluding the legal expense — which stems from an impending settlement of the bank’s 1MDB scandal — profit was $7.64 per share, which would have exceeded the $5.47 estimate of analysts surveyed by Refinitiv.
Shares of the bank dropped 1.1% in premarket trading.
“Strong performance in the fourth…