Goldman Sachs Disappoints With Earnings of $1.05 Billion |
| New York Times - Jul 19, 2011 |
Goldman Sachs reported profit of $1.05 billion on Tuesday, a weak showing that reflected the firm’s costly move to reduce risk and cut back trading activities.
The performance of the investment bank, which has largely shed the legacy of the financial meltdown, points to the new reality on Wall Street. Amid regulatory and economic uncertainty, Goldman is struggling to lift its earnings power to precrisis levels.
The second-quarter profit of $1.85 a share fell short of analysts’ expectations of $2.27 a share, according to Thomson Reuters. Still, it was an improvement for the period a year earlier, when Goldman posted a profit of $453 million, or 78 cents a share.
The fixed-income department took a big hit in the quarter. The unit, which includes fixed Income, currency and commodities client execution, logged net revenue of $1.60 billion, 53 percent lower than in the second quarter of 2010; results were down in mortgages, commodities and interest rate products.
Read Full Article from New York Times
- Posted: 2011-07-19 09:59:25
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