Goldman Sachs Earnings Beat, Trading Profit Continued To Slide

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Goldman Sachs Earnings Beat, Trading Profit Continued To Slide

Goldman Sachs Earnings Beat, Trading Profit Continued To Slide
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Goldman Sachs Earnings Beat, Trading Profit Continued To Slide

by TheStreet 1:11 mins

Shares of Goldman Sachs are getting a boost on Tuesday after it posted second quarter results which blew past analyst forecasts. Goldman says it saw strength in its investment banking and investing and lending divisions. Profits came in at $4.10 a share, that's almost 25% better than forecasts. Revenue came in at more than $9 billion, up 6% from the same period a year ago. Investment banking activities picked up in the second quarter and the division's revenue jumped 15% year-on-year to almost $1.8 billion. But, trading profit continued to slide. The fixed income division, which is larger than investment banking and a historical powerhouse, saw its revenue decline 10%. The bank has already cut 10% of its headcount in the fixed income department over the past four years and the management signaled there may be more cuts ahead.

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