The bank saw modest improvements in its trading and investment management divisions, but saw declines in its important investment banking and advising revenues. A number of companies held off doing any big deals in 2023, due to the high cost of financing, which means Goldman and the other investment banks had fewer deals to put together. The biggest lift to Goldman's results came in a $838 million gain in the investments that the bank had placed in other companies, a reflection of how well the market did in the last three months of 2023. But for the full year, Goldman struggled. Investment banking fees were down 16% from 2022, and trading in commodities, currencies and fixed income was down 18%. Goldman announced last year that it was going wind down its Marcus consumer banking division, and there are reports that it wants to sell off its credit card division. The bank's return on common equity — a measure used by investment banks to show well they perform with their underlying assets — was 7.5% last year.