Goldman, M. Stanley profits plunge as dealmaking dries up

By KEN SWEET
AP Business Writer

NEW YORK (AP) — The profits for two iconic Wall Street firms _ Goldman Sachs and Morgan Stanley _ plunged sharply last quarter as volatile markets cut deeply into  investment banking. Goldman posted a 66% drop in fourth quarter profits on Tuesday, reporting a profit of $1.33 billion, well below what analysts’ had expected. Meanwhile Morgan Stanley saw its profits drop by 40% to $2.2 billion, barely beating analysts’ forecasts.