A recession is looming in the US, says Goldman CEO David Solomon business

Goldman Sachs chief has warned of a “good chance” of a US recession and confirmed a restructuring of the bank after earnings nearly halved.

A robust increase in revenue in the fixed income trading arm helped partially offset a 57 percent decline in revenue in the Wall Street giant’s investment banking arm amid a sharp slowdown in global business deals.

The group’s earnings fell 44 percent to $2.96 billion in the three months ended September 30. Total sales fell 12 percent to $11.98 billion. The analysts’ expectations were exceeded on both counts.

Goldman shares were up 2.5 percent, or $7.50, to $314.21 in New York today through mid-morning in New York. You are almost one

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