Goldman Sachs had a 26 percent decline in third-quarter profits, the bank said Tuesday, as Goldman took losses on some of its public investments and struggled to drum up enough advisory business.

The New York-based bank on Tuesday reported a profit of $1.88 billion, or $4.79 a share, down from $2.52 billion, or $6.28 a share, in the same period a year ago. The bank came up short of the forecasts of analysts, who were looking for Goldman to earn $4.81 a share, according to FactSet.

Shares fell more than 1 percent in early trading.

Goldman’s core business — advising the wealthy and large corporations — had a tough summer. While the summer traditionally is a slow season for investment banking, this quarter was noticeably worse than expected. The bank saw double-digit declines in both debt and equity underwriting revenues, as well as a double-digit decline in stock trading revenues.

Goldman’s fixed income, currencies and commodities trading division reported a 7 percent decline in revenues as well.

The bank’s struggles this quarter could be seen in how much the bank set aside to pay its well-compensated employees.

A significant chunk of bankers and traders’ paychecks at Goldman come from year-end bonuses, and the bank sets aside a certain amount of money each quarter to cover how well its employees do. The bank reported it set aside $2.73 billion for compensation and benefits in the quarter, down 10% from a year earlier and 18% from the second quarter.

Revenue at three of its four major businesses fell, led by a 15 percent drop in investment banking revenue because of lower advisory and underwriting fees.

At the bank’s investing and lending division, where it invests its own balance sheet, net revenue from equity securities fell 40 percent from last year to $662 million.

Analysts had estimated that Goldman would book a loss of over $250 million from its stake in WeWork in the third quarter. Goldman executives on Tuesday declined to comment on its stake in the office-sharing startup.

The only bright spot for Goldman was its institutional client services business, which accounts for nearly a third of its overall revenue, but a 6 percent growth at the unit was not enough to offset weakness in its other major businesses.

“Overall, GS posted mixed results this quarter. While the top line beat to us was a positive, it was driven by more trading which tends to be less persistent and investment banking results were weak,” analysts at Keefe, Bruyette & Woods said in a note to clients Tuesday.

Bond trading revenue was up 8 percent, while equities rose 5 percent. JPMorgan also reported a surge in bond trading.

With Reuters