Both fixed-income and equity traders beat analysts’ estimates, while a recovery in capital markets activity contributed to better-than-expected results in most of the firm’s Wall Street operations.
Still, surprisingly, the company collected fewer merger-arranging fees than JPMorgan Chase & Co. Goldman tends to lead the industry in this activity and rarely falls behind its rival.
Even if more and more companies are looking for deals, the approach of the US elections could further delay the return to the pace of growth in the field of mergers recorded in recent years. The deal is particularly important for Goldman as the firm has sought to capitalize on its growing investment bank and asset management business after abandoning an expansion into consumer banking.
Second-quarter revenue was nearly three times Goldman’s a year ago, when it was hit by losses in real estate investments, with the consumer banking unit amid a slowdown in industry-wide trading. Net income was $3.04 billion, on revenue of $12.7 billion in the three months to June 30.
Shares of the New York-based company are up 24% this year, hitting an all-time high of $479.88 on Friday.
(source: AFP)
Source: jurnalul.ro
