UPDATE: Goldman Sachs Posts Drop In Q4 Earnings

Shares of

slipped 1.5% in pre-market trading after the bank reported a drop in its earnings for the fourth quarter. The New York-based bank reported a quarterly profit of $2.17 billion, versus a year-ago profit of $2.33 billion. On a per-share basis, the bank's profit was $4.38, down from $4.60. Its revenue declined to $7.69 billion from $8.78 billion. However, analysts were expecting a profit of $4.32 per share on revenue of $7.64 billion. Net revenues in Investment Banking fell 16% y/y to $1.44 billion for the fourth quarter. Net revenue in Institutional Client Services slipped 8% to $3.15 billion. Net revenue in Fixed Income, Currency and Commodities Client Execution dropped 29% to $1.22 billion, while net revenue in Equities gained 15% to $1.93 billion. Net revenue in Investing & Lending declined 26% to $1.53 billion for the quarter, while net revenue in Investment Management fell 2% to $1.57 billion. During the year, Goldman Sachs repurchased 31.8 million shares of its common stock at an average cost per share of $171.79. Total assets were $856 billion as of December 31, 2014, down $55 billion compared to December 31, 2013. “We are pleased with our performance during a year characterized by mixed global economic and financial conditions,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer. “The depth of our global client franchise and our continued discipline on expenses and capital management produced a solid return for our shareholders. Looking ahead, we see evidence of a continued pick up in momentum for the global economy that will improve the opportunity set for 2015.” Goldman Sachs shares fell 1.55% to $175.72 in pre-market trading.