Steep Profit Fall at Goldman Sachs Highlights Wall St. Giant’s Woes

Goldman Sachs reported a profit of $1.1 billion in the second quarter, down more than 60 percent from last year. The bank in particular highlighted write-downs in the value of its commercial real estate portfolio, a $1.2 billion hit to profit, and the buy-now-pay-later firm GreenSky, which subtracted nearly $700 million from its earnings. Goldman acquired GreenSky less than two years ago, as part of an ill-fated foray into consumer lending. Quarterly revenue, at $10.9 billion, was 8 percent lower than last year. The bank employed 44,600 people at the...