Total net revenues for the fourth quarter of 2010 were $8.64bn, compared to $9.61bn in the same period a year-ago.
Fourth quarter revenues in the investment banking division dropped 10% year-over-year to $1.51bn as the number of M&A deals declined during the period as underwriting activities slowed, said the company.
Due to lower client activity, revenues in institutional client services dropped 31% to $3.64 billion.
The firm’s investing and lending activities, which includes the company’s private equity and real estate operations as well as debt and equity investments, posted revenues of $1.99bn fourth quarter of 2010. The 45% year-over-year increase mainly reflects gains from equity and debt investments.
Revenues from the investment management division registered an increase of 14% to $1.51bn.
At end of the fourth quarter of 2010, assets under management increased 2% to $840bn.
For the full year, Goldman Sachs earned $7.7bn for common shareholders, or $13.18 per diluted share, on revenues of $39.16bn, compared with earnings of $12bn, or $22.13 per diluted share, on revenues of $45bn in 2009.
