Goldman Sachs has released stronger-than-expected second quarter profits.
Gains in the bank's prime brokerage and commodities boosted net income to $2.09 billion across the three months.
While down by 11 per cent on the second quarter of 2007, the Goldman profits exceed previous estimates from analysts.
The bank received praise from the senior portfolio manager at Huntington Asset Advisors for its strong earnings, which come despite the ongoing credit crisis which also led to Goldman writing off $775 million of assets over the quarter.
Peter Sorrentino said: "They had enough of an arm's length distance so that when the stuff blew up it didn't splash back on them the way it did on others.''He added: "The magnitude of the beat is pretty astounding."
Earlier this week, rival investment bank Lehman Brothers announced a loss of $2.8 billion for the second quarter - its first since becoming a public company in 1994.
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