Goldman Sachs announced strong second-quarter results on Monday, showcasing strength across its trading, advisory, and asset management sectors.
The renowned New York financial institution, which faced challenges in 2023 due to its unsuccessful expansion into Main Street lending, reported profits of $2.9 billion for the quarter ending June 30, more than doubling the figure from the same period last year.
Also Read:
- Recapitalization-Nova Bank shareholders to raise new funds.
- bank to refund N112.5m for undervalued sales of property-Court
- nqc-stakeholders-partner-to-kickstart-quality-control-implementation
Following the conclusion of its consumer banking initiative, Goldman Sachs focused on its core businesses during the recent quarter.
In global banking, the firm achieved higher fees for debt and equity underwriting, alongside increased revenues in both fixed-income and equities trading.
The asset and wealth management division also thrived, benefiting from strong performances in equity investments and improved results in real estate, which had suffered significant losses a year earlier.
Operating expenses remained relatively stable compared to the previous year, and the results were further bolstered by reduced provisions for bad loans.
CEO David Solomon characterized the results as “solid,” emphasizing in a statement that Goldman Sachs is deepening its client relationships and navigating a challenging yet improving environment.
