Goldman Sachs joined the rest of the country’s biggest banks in reporting profits that beat expectations, fueled by hot markets for stocks and corporate deals.
The Wall Street giant’s earnings rose to $5.38 billion, or $14.93 a share, for the three months ending in September. Investment bankers advising on mergers and acquisitions brought in a record $1.65 billion in revenue, up 225 percent from a year earlier, while equities traders posted a 51 percent jump in revenue to $3.10 billion.
“The third quarter saw strong operating performance and an acceleration of our investment in the growth of Goldman Sachs,” David M. Solomon, the company’s chief executive, said in a statement. He cited the acquisitions of NN Investment Partners, a European asset manager, and GreenSky, a financial technology company that originates home improvement loans, as efforts to expand its operations.
Earlier this week, deal makers pulled in record fees at Bank of America and record revenue at Morgan Stanley, while Citigroup had its best quarter for mergers and acquisitions in a decade. Their counterparts at JPMorgan also posted big numbers after cashing in on the strong market for advising companies.
Those four banks, along with Wells Fargo, which has a smaller Wall Street operation, all surpassed analysts’ predictions for their quarterly profits.
Alongside solid profits, industry leaders provided rosy predictions for a continuing economic rebound from the pandemic, even in the face of continued uncertainty about the spread of the coronavirus, rising inflation and persistent supply-chain headaches.
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October 15, 2021 at 08:44PM
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