The Goldman Sachs Group, Inc. (GS) reported stronger-than-expected Q2 earnings this week reporting a revenue of $13.3 billion versus $9.71 billion expected and an EPS of $6.26 versus $3.95 per share estimated.
The bank’s Fixed Income, Currency, and Commodities (FICC) sales, and trading revenue reported $4.23 billion, its highest quarterly revenue in nine years. Equities trading reported $2.94 billion in revenues, happening to be its best in 11 years. The firm’s core investment banking business contributed $2.66 billion in earnings, an increase of 36% from the same period a year ago. The bank’s Consumer & Wealth Management business posted $1.36 billion in quarterly revenues, an increase of 9% from last year, and its consumer deposits witnessed an increase of $20 billion to end the quarter at $92 billion.
“The turbulence we have seen in recent months only reinforces our commitment to the strategy we outlined earlier this year to investors. While the economic outlook remains uncertain, I am confident that we will continue to be the firm of choice for clients around the world who are looking to reshape their businesses and rebuild a more resilient economy,”stated CEO David Solomon
The bank set aside $945 for litigation and regulatory proceedings.
The Goldman Sachs Group, Inc. (GS) is one of the world’s leading investment bankers & also a securities and investment management firm that offers a wide range of financial services with a diversified client base. To learn more about The Goldman Sachs Group, Inc. (GS) and to continue to track its progress please visit the Vista Partners Goldman Sachs Group, Inc. (GS), Coverage Page.
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