Goldman Sachs announce fall in Q3 profits

| October 19, 2010 | 0 Comments
Goldman Sachs announce fall in Q3 profits

Banking giant Goldman Sachs today reported a fall in third quarter profits to $1.9 billion, or $2.98 per share, compared with $3.19 billion, or $5.25 per share, a year earlier.

However, despite the fall, the results still beat expectations of $2.32 per share.

The New York-based financial institution said net revenues for the quarter was $8.90 billion, compared to $12.3 billion in the same period a year ago.

Lloyd Blankfein, Chairman and Chief Executive Officer, commented: “Our third quarter results reflect solid performances across our businesses.”

The figures come shortly after fellow banking giant Citigroup revealed third quarter profit of $2.2 billion, compared with $101 million in the same period a year ago.

Meanwhile, investment bank JPMorgan kicked off the US banking reporting season last week by announcing a 23% increase in profits for the third quarter.

In the meantime, Goldman’s investment banking division reported net revenues of $1.12 billion - a rise of 25%.

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