Goldman Sachs posted its largest earnings miss in a decade as revenue fell and expenses and loan loss provisions came in higher than expected.

Goldman said quarterly profit plunged 66% from a year earlier to $1.33 billion, or $3.32 per share, about 39% below the consensus estimate. That made for the largest EPS miss since October 2011, according to Refinitiv data.

Revenue held up better, at $10.59 billion, down 16% from a year earlier and just below the estimate.

Shares of New York-based Goldman fell more than 6% in early trading.“Widely expected to be awful, Goldman Sachs’ Q4 results were even more miserable than anticipated,” Octavio Marenzi, CEO of Wall Street consultancy Opimas, said in an email.

“Revenues were largely in line with forecasts, but earnings took a big hit. The real problem lies in the fact that operating expenses shot up 11%, while revenues tumbled.”

More cost-cutting and layoffs at Goldman could be ahead because of that, Marenzi said.

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‍Source: CNBC