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Goldman Sachs reports sharp fall in profits

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by Kay Mitchell
Goldman Sachs reports sharp fall in profits

US banking giant Goldman Sachs has today announced profits dived 82% in the second quarter to $453 million.

The figures represented the worst quarter since the height of the financial crisis – almost two years ago and were hit by the British bonus levy and a US fraud settlement.

Commenting, Lloyd Blankfein chief executive, said: “The market environment became more difficult during the second quarter and, as a result, client activity across our businesses declined.”

The results come just a few days after fellow US banking giants, Bank of America (BoA) and Citigroup reported their second quarter profits.

Bank of America said net income fell to $3.1 billion in the second quarter from $3.2 billion in the same period a year earlier, while revenue was down 11% to $29.15 billion from a year earlier.

Meanwhile, Citigroup said second quarter net income was $2.73 billion, down from $4.39 billion in the same period a year ago.

Last week, US bank JPMorgan reported better-than-expected second quarter profits – due to better credit conditions.

The bank reported net income of $4.8 billion (£3.1 billion) – a 75% increase on the $2.7 billion reported in the same period a year ago.

Wells Fargo & Co is due to report its second quarter results tomorrow.

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News posted: July 20, 2010

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