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Wednesday, April 21, 2010

Goldman Sachs records $3.46bn profit for first quarter

The under-fire bank, which was subject to fraud charges from the Securities and Exchange Commission (SEC) earlier this month, recorded net revenues of $12.78 billion in the first quarter.

It also maintained its position at the head of investment banking, ranking as the top company for both public common stock offerings and mergers and acquisitions.

Lloyd Blankfein, chairman and chief executive officer of Goldman Sachs, said the results reflect signs of growth across the wider economy.

He said the bank would continue to focus on "disciplined risk management", as well as maintaining strong capital and liquidity levels.

In reference to the controversy surrounding the bank, Mr Blankfein added: "In light of recent events involving the firm, we appreciate the support of clients and shareholders, and the dedication and commitment of our people."

Goldman Sachs has been accused by the SEC of working with hedge fund Paulson to bet against investment positions it was recommending to other clients.

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