Goldman Sachs Group Inc joins another big US banks in capitalizing on pandemic-induced volatility, as the company’s bond traders recorded the biggest jump on Wall Street to date Q3 business from the buying and selling of stocks and bonds jumped 29%, driven by a 49% increase in fixed income transactions and reflecting similar gains reported Tuesday by JPMorgan Chase & Co and Citigroup Inc Revenue for each of Goldman Sachs’ four divisions increased from a year ago Trade gains since the start of the pandemic helped offset weak consumer activity of the largest banks in the country, where provisions for loan losses accumulated in the first half of the year
For Goldman, which is still a minnow in the world of retail banking, the trading and trading divisions have helped cushion its stock price against the sharp declines some of its competitors have experienced. The company also posted a surprise year-over-year drop in its loan loss provisions in the third quarter.
Goldman shares are down 83% from this year to Tuesday, compared to a 19% drop for the larger S&P 500 Financials Index The stock was up 3% at 7:42 am at the start of the negotiation in New York
Citigroup’s bond trading income jumped 18% from a year ago and its stock traders saw a 15% increase At JPMorgan, revenue from income trading Fixed rose 29% and stocks rose 32% Bank of America Corp missed the wave, posting a 36% rise below estimates
Goldman’s fees for helping secure deals for companies fell 27% to $ 507 million Underwriting income of $ 1 $ 43 billion beats average analysts’ estimate of $ 1.3 billion The deal Goldman’s mainstream hit $ 1 billion in 12-month revenue for the first time since launching four years ago
The company’s equity investments brought in gains of $ 1.4 billion, more than double that of a year earlier, as it benefited from the recovery in markets, according to a statement Wednesday
The bank’s loan portfolio has also recovered after a large depreciation earlier this year Goldman is working to manage more of its clients’ money to generate regular recurring charges, although the strategy limits them. big payouts that could come from betting more of your own money He’s getting close to raising around $ 14 billion for a new loan fund – the largest pool of investment cash he’s raised in over a decade
Net income nearly doubled from a year earlier to $ 3.6 billion Earnings per share hit a record $ 9.68, far exceeding analyst estimates of $ 5.53
The bank unveiled a management reorganization last month to create a structure more in line with how it reports its results, an initiative that aims to streamline operations into easy-to-digest segments for investors and analysts
Goldman has yet to fully resolve allegations related to the role played by some of its investment bankers in an investment fund scandal in Malaysia.The bank has settled the issue with the Asian nation, but has failed not yet concluded an agreement with the Ministry of Justice
Goldman Sachs, Income, Stocks, Investment Banking
World News – UK – Goldman Records Biggest Bond Trading Jump on Wall Street Yet
