|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    20th of February 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Banking News feed Banking News

All Financial News feed All Financial News




Goldman Sachs reports sharp fall in profits

Bookmark and Share

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.

Discuss this in the Finance Markets forums

Story link: Goldman Sachs reports sharp fall in profits



News posted: July 20, 2010

Financial Services:





Related financial stories to: Goldman Sachs reports sharp fall in profits:
Previous: «
Next: »

Visited 2805 times, 1 so far today

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

Tags: , ,