Investment revenues up 50pc in Goldman’s third-quarter cheer

Tim Wallace
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INVESTMENT banking revenues rocketed at Goldman Sachs in the third quarter, sending profits up by 50 per cent, according to financial results published yesterday.

Net earnings for common shareholders came in at $2.14bn (£1.3bn) for the quarter, up 50 per cent on the $1.4bn a year earlier.

Revenues increased 25 per cent to $8.4bn, while operating expenses rose 12 per cent to $5.1bn.

Fixed income, currency and commodities’ trading revenues helped drive the improvement, up 74 per cent on the year to $2.2bn.

Equity underwriting revenues were up 54 per cent on the flotation boom to $426m. Debt securities and loans revenues doubled to $606m.

“The strength of our transaction backlog indicates our clients’ desire to pursue and execute their strategic plans for growth,” said chief exec­utive and chairman Lloyd Blankfein.