Goldman Bond-Trading Boosts Profit; Cost Cuts Fall Short
- Fixed-income revenue rises 33%, equities revenue drops 11%
- Firm’s compensation costs decline 13% to $3.3 billion
Goldman Sachs Profit Jumps 74% on Bond Trading
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Goldman Sachs Group Inc., the Wall Street bank most reliant on trading, posted a 74 percent increase in second-quarter profit as revenue from fixed-income trading and debt underwriting surpassed analysts’ estimates. Expenses declined less than some projections.
Net income rose to $1.82 billion, or $3.72 a share, from $1.05 billion, or $1.98, a year earlier, when the company had a $1.45 billion provision for legal and other regulatory matters, New York-based Goldman Sachs said Tuesday in a statement. That beat the $3.05 average estimate of 18 analysts surveyed by Bloomberg.