Gold­man Sachs earn­ings jump on trad­ing gains

The Myanmar Times - - International Business -

GOLD­MAN Sachs posted a large jump in third-quar­ter earn­ings, boosted by big gains in trad­ing and in the value of the firm’s own eq­uity in­vest­ments.

Net profit for the quar­ter ending Septem­ber 30 surged 58 per­cent to US$2.1 bil­lion. Rev­enues rose 19pc to $8.2 bil­lion com­pared with the pre­vi­ous pe­riod.

A key strength was trad­ing in se­cu­ri­ties tied to in­ter­est rates, com­pen­sat­ing for lower net rev­enues in some other types of in­vest­ments. Rev­enues fell for trad­ing in for­eign ex­change and com­modi­ties and rose mod­estly in eq­ui­ties.

The other stand­out di­vi­sion was Gold­man’s own in­vest­ments, which jumped in value thanks to gains in global stock mar­kets. Net rev­enues more than dou­bled to $1.4 bil­lion.

Gold­man gar­nered lower rev­enues ad­vis­ing on mergers and acquisitions, off­set by higher rev­enues in debt un­der­writ­ing.

Gold­man’s earn­ings and rev­enues both topped an­a­lyst ex­pec­ta­tions, adding to a trend of large US banks ben­e­fit­ting from a pickup in trad­ing and mod­er­ate US eco­nomic growth.

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