Goldman Sachs Group Inc on Tuesday reported a bigger-than-expected 69% drop in fourth-quarter profit due to heavy losses in its consumer business and a slump in dealmaking that hit its investment banking unit.

Shares of the bank were down nearly 1.7% in premarket trading.

The bank reported a profit of $1.19 billion, or $3.32 per share, for the three months ended Dec. 31, compared with $3.81 billion, or $10.81 per share, a year earlier.

Goldman’s investment banking fees fell 48% in the quarter.

Morgan Stanley profit beats on strength in trading business

Wall Street has been under pressure as dealmaking activity stalls on worries over a weakening global economy due to high inflation, rising interest rates and market volatility.

The bank also reported a pre-tax loss of $778 million in its platform solutions unit, which houses transaction banking, credit card and financial technology businesses.

That added to the $1.2 billion loss for the consumer unit in the first nine months of 2022.

The market volatility, spurred by the Federal Reserve’s quantitative tightening has, however, boosted Goldman’s trading business.

Fixed income, currency and commodities trading revenue was up 44%, while revenue from equities trading fell 5%.

Overall net revenue was down 16% at $10.6 billion.