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Goldman Sachs profit hits over 3-year high as investment banking, trading fuel bumper quarter

By Saeed Azhar, Manya Saini and Noor Zainab Hussain NEW YORK (Reuters) -Goldman Sachs beat Wall Street estimates and earned its biggest quarterly profit in more than three years as its investment bankers brought in more deal fees,
Goldman Sachs reported a significant profit increase, reaching its highest level in over three years, driven by robust performance in its investment banking and trading sectors. The bank's profit soared to $2.058 billion, or $5.48 per share, for the second quarter, surpassing Wall Street expectations. This performance was bolstered by a 21% surge in investment banking fees to $1.73 billion, attributed to heightened activity in mergers and acquisitions, equity and debt underwriting. Additionally, trading revenues also saw an uptick, with fixed income, currency, and commodities (FICC) trading up by 17% to $3.33 billion, and equities trading increasing by 10% to $2.75 billion. Despite these gains, the bank faced challenges in its consumer banking segment, with losses in its Platform Solutions unit, although these were offset by gains in other areas. The strong results reflect a broader recovery in financial markets and increased client activity, positioning Goldman Sachs favorably amidst a competitive banking landscape.

Read the Full MSN Article at:
[ https://www.msn.com/en-ca/money/other/goldman-sachs-profit-hits-over-3-year-high-as-investment-banking-trading-fuel-bumper-quarter/ar-AA1xgmOS ]