Goldman Sachs Group shattered Wall Street expectations amid record-breaking performance from its investment bank and the strongest quarter for trading in nine years.
The New York-based company earned $2.42 billion, or $6.26 a share, outpacing the $3.78 that Wall Street analysts surveyed by Refinitiv were expecting.
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Revenue jumped 41 percent from a year ago to $13.3 billion, outpacing the consensus estimate of $9.75 billion. The firm’s bond-trading desk raked in $4.24 billion, the highest quarterly total in nine years.
Meanwhile, Goldman’s investment banking division generated a record $2.66 billion of revenue.
“Our strong financial performance across our client franchises demonstrates the inherent benefits of our diversified business model,” Goldman Sachs CEO David Solomon said in a statement. “The turbulence we have seen in recent months only reinforces our commitment to the strategy we outlined earlier this year to investors.”
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