Quarterly Profit Doubles at Goldman Sachs

[G_j]

http://dealbook.nytimes.com/2013/07/16/quarterly-profit-doubles-at-goldman-sachs/

Quarterly Profit Doubles at Goldman Sachs

BY SUSANNE CRAIG

Goldman Sachs posted second-quarter profit on Tuesday that was twice what it reported in the period a year earlier, fueled by strong trading and investment banking results.

Net income was $1.93 billion, or $3.70 a share, compared with $962 million, or $1.78 a share, in the period a year earlier. It was also well ahead of analysts’ expectations of $2.82 a share, according to Thomson Reuters.

Revenue in the quarter rose to $8.6 billion from $6.6 billion in the year-ago period.

“The firm’s performance was solid, especially in the context of mixed economic sentiment during the quarter,” Goldman’s chairman and chief executive, Lloyd C. Blankfein, said in a statement.

Goldman clearly benefited from an improving economy in the second quarter. The period was dominated by a sudden and sharp rise in interest rates after the Federal Reserve indicated it might wind down its big bond purchase program, which has helped the economy recover from the financial crisis. Unlike JPMorgan Chase, Goldman is not a big player in originating residential mortgages, but it does trade mortgage products; the rise in rates can both help and hurt firms like Goldman, depending on the businesses they are in.

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1. Awesome!So...we get to share in the profitsm, right???

Oh wait...we only get to share in the losses. I forgot.