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Goldman Sachs profit misses estimates on trading weakness

Reuters 

- Group Inc reported a lower-than-expected quarterly profit as gains in investment were offset by weak trading

Total from trading fell 2.4 percent to $3.36 billion, the lowest in five quarters.

from fixed-income securities, currencies and commodities trading rose just 1.3 percent to $1.69 billion.

"The operating environment was mixed, with client activity challenged in certain market-making businesses...," Chief Executive Lloyd Blankfein said in a statement.

Goldman's trading were in sharp contrast to those from JPMorgan Chase & Co and Bank of America, which reported a rise in trading

Shares of were down 3 percent in premarket trading.

has historically relied more on trading than other big banks, but has been trying to shift to stable businesses such as investment management.

Earnings per share rose to $5.15 from $2.68. (http://bit.ly/2nYyF63) Analysts on average had expected earnings of $5.31 per share, according to Thomson I/B/E/S.

Investment revenue, which includes M&A, debt underwriting and stock underwriting, rose 16.4 percent to $1.7 billion.

Total operating expenses rose 15.2 percent to $5.49 billion.

Morgan Stanley, Goldman's traditional rival, reports earnings on Wednesday.

(Reporting by Sruthi Shankar in Bengaluru and Olivia Oran in New York; Editing by Sriraj Kalluvila)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Goldman Sachs profit misses estimates on trading weakness

REUTERS - Goldman Sachs Group Inc reported a lower-than-expected quarterly profit as gains in investment banking were offset by weak trading revenue.

- Group Inc reported a lower-than-expected quarterly profit as gains in investment were offset by weak trading

Total from trading fell 2.4 percent to $3.36 billion, the lowest in five quarters.

from fixed-income securities, currencies and commodities trading rose just 1.3 percent to $1.69 billion.

"The operating environment was mixed, with client activity challenged in certain market-making businesses...," Chief Executive Lloyd Blankfein said in a statement.

Goldman's trading were in sharp contrast to those from JPMorgan Chase & Co and Bank of America, which reported a rise in trading

Shares of were down 3 percent in premarket trading.

has historically relied more on trading than other big banks, but has been trying to shift to stable businesses such as investment management.

Earnings per share rose to $5.15 from $2.68. (http://bit.ly/2nYyF63) Analysts on average had expected earnings of $5.31 per share, according to Thomson I/B/E/S.

Investment revenue, which includes M&A, debt underwriting and stock underwriting, rose 16.4 percent to $1.7 billion.

Total operating expenses rose 15.2 percent to $5.49 billion.

Morgan Stanley, Goldman's traditional rival, reports earnings on Wednesday.

(Reporting by Sruthi Shankar in Bengaluru and Olivia Oran in New York; Editing by Sriraj Kalluvila)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
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Goldman Sachs profit misses estimates on trading weakness

- Group Inc reported a lower-than-expected quarterly profit as gains in investment were offset by weak trading

Total from trading fell 2.4 percent to $3.36 billion, the lowest in five quarters.

from fixed-income securities, currencies and commodities trading rose just 1.3 percent to $1.69 billion.

"The operating environment was mixed, with client activity challenged in certain market-making businesses...," Chief Executive Lloyd Blankfein said in a statement.

Goldman's trading were in sharp contrast to those from JPMorgan Chase & Co and Bank of America, which reported a rise in trading

Shares of were down 3 percent in premarket trading.

has historically relied more on trading than other big banks, but has been trying to shift to stable businesses such as investment management.

Earnings per share rose to $5.15 from $2.68. (http://bit.ly/2nYyF63) Analysts on average had expected earnings of $5.31 per share, according to Thomson I/B/E/S.

Investment revenue, which includes M&A, debt underwriting and stock underwriting, rose 16.4 percent to $1.7 billion.

Total operating expenses rose 15.2 percent to $5.49 billion.

Morgan Stanley, Goldman's traditional rival, reports earnings on Wednesday.

(Reporting by Sruthi Shankar in Bengaluru and Olivia Oran in New York; Editing by Sriraj Kalluvila)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22