Goldman Sachs Group Inc.’s trading unit powered a surge in earnings in the second quarter.
Chris Marinac, director of research at Janney Montgomery Scott, joins BNN Bloomberg to discuss big banks Q2 earnings.Even as more businesses are on the prowl for deals, the approaching U.S. elections could further delay a return to the pace of growth in the mergers seen in recent years. The business is especially important for Goldman because the firm has tried to showcase its strong investment bank and growing asset-management operation, after abandoning an expansion into consumer banking.
Earnings in the second quarter were 2.5 times higher than what Goldman posted a year ago, when it was plagued by losses in real estate investments and the consumer-banking unit in the middle of an industrywide dealmaking slowdown. Net income was US$3.04 billion on $12.7 billion in revenue in the three months through June 30, according to a statement Monday.
The fixed-income trading business posted $3.18 billion in revenue, driven by strength in rates and currencies. The stock-trading unit logged $3.17 billion. Goldman touted its second-best quarter ever across both businesses in financing revenue. The asset- and wealth-management business posted revenue of $3.88 billion, up 27 per cent from a year earlier. Management fees climbed eight per cent as the bank seeks to shift growth to those fees instead of windfalls from balance-sheet investments.
Business Company News Elections Financials General Government Industry Markets North America Politics Top News Unites States World Top World
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Smithfield Said to Pick Banks Including BofA, Goldman for US IPO(Bloomberg) -- Smithfield Foods Inc. has picked advisers including Bank of America Corp. and Goldman Sachs Group Inc. to work on an initial public offering...
Read more »
Deutsche Bank Hires Ex Goldman Sachs Banker Young Huh in Korea(Bloomberg) -- Deutsche Bank AG has hired Jae Young Huh as head of investment banking coverage and advisory in Korea.Most Read from BloombergSupreme Court...
Read more »
Deutsche Bank Hires Ex Goldman Sachs Banker Young Huh in KoreaDeutsche Bank AG has hired Jae Young Huh as head of investment banking coverage and advisory in Korea.
Read more »
What the Fed stress test showed about Goldman Sachs' capitalThe Federal Reserve Board's annual bank stress test revealed that all of the large US banks under evaluation are 'positioned to weather a severe recession...
Read more »
Goldman Sachs Brokers Spanish Football Club Betis’s RefinancingSpanish football club Real Betis Balompie SAD is nearing an agreement to refinance its €120 million ($128 million) debt in a deal arranged by Goldman Sachs Group Inc., according to people with knowledge of the matter.
Read more »
Goldman Sachs launches Disney coverage, cites growth prospectsGoldman Sachs has launched coverage on entertainment powerhouse Walt Disney (DIS). The investment firm has initiated a Buy rating on Disney stock, coupled...
Read more »