This content is not available in your region

Goldman Sachs profit beats on higher equity trading, investment banking

Access to the comments Comments
Goldman Sachs profit beats on higher equity trading, investment banking
FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid/File Photo   -   Copyright  Brendan McDermid(Reuters)
Text size Aa Aa

(Reuters) – Goldman Sachs <GS.N> reported a better-than-expected quarterly profit on Tuesday, driven by its equities trading and investment banking businesses that offset weakness in bond trading.

This is Goldman’s last quarterly results under Lloyd Blankfein, who led the company as chief executive for 12 years before handing over the reins to David Solomon in October.

The bank said fixed income, currency and commodity trading revenue fell 10 percent to $1.31 billion.

Goldman is typically more sensitive to swings in market volatility than its peers because its large trading business overshadows its other banking units.

Revenue from equities trading rose 8 percent to $1.79 billion. At Morgan Stanley <MS.N>, Goldman’s traditional rival, revenue from equity trading rose 6 percent, while bond trading rose marginally.

Revenue from Goldman’s investment banking business rose 10.2 percent, while its overall net revenue rose 3.8 percent to $8.65 billion.

Net earnings attributable to common shareholders rose to $2.45 billion, or $6.28 per share, in the third quarter ended Sept. 30 from $2.04 billion, or $5.02 per share.

Analysts on average were looking for $5.38 per share, according to I/B/E/S data from Refinitiv.

(Reporting By Aparajita Saxena in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D’Silva)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on for a limited time.