Goldman Sachs stung by falling investments in Uber and WeWork writedown
The firm reports a $267m hit in the period on public equity investments such as ride-hailing company Uber
New York — Goldman Sachs Group was stung by slumping investments in about big names in the third quarter, hurting its most profitable business line.
The firm took a $267m hit in the period on public equity investments such as ride-hailing company Uber Technologies, Avantor and TradeWeb Markets. The bank probably took a writedown on its stake in WeWork after plans for an initial public offering collapsed. The losses fuelled the worst performance in more than three years for the bank’s equity wagers in public and private companies...