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Goldman Sachs' struggles in consumer space, debt restructuring boosts Carvana shares, Chinese car market dominance, challenges for Western car makers in China
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Quick takeaways
- Goldman Sachs is struggling in the consumer space and had significant write-downs on their real estate portfolio, indicating challenges faced by financial institutions.
- China is quickly becoming a leading market for electric vehicles, with local brands like BYD gaining dominance and Tesla finding success in the country.
Deep dives
Goldman Sachs Earnings and Write-Downs
Goldman Sachs reported a quarterly profit of $1.2 billion, down 60% from last year. The decline was attributed to a massive write-down of their consumer banking segment, amounting to nearly a billion dollars, and a significant write-down of their $14 billion real estate portfolio. The write-downs signal a trend in the commercial real estate market and highlight the challenges faced by financial institutions.
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highlights
Listen to the best highlights from the podcasts you love and dive into the full episode