Government Sachs Posts Huge Profits on Record Revenue
Submitted by Michael Nystrom on Tue, 07/14/2009 - 08:20
in
Comfortably beating analysts’ forecasts, Goldman Sachs earned second-quarter profits of $3.44 billion, or $4.93 a share, the bank announced on Tuesday.
The results continue a robust turnaround for the firm since it rode out the final tumultuous months of 2008 with the help of a federal rescue. They come just one month after it paid back its $10 billion in federal aid.
Goldman’s profit was lifted by record quarterly revenues of $6.8 billion in its fixed income, currency and commodities unit, where mortgage and other credit instruments are traded, the bank said in a statement. Its equities business also generated record net revenues, it said.
http://www.nytimes.com/2009/07/15/business/15goldman.html?_r...
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