Markets

Goldman Sachs cuts quarterly profit by 91% after $3.9 billion 1MDB settlement

Goldman Sachs restated earnings on Friday that included a $US2 billion boost to litigation reserves related to its 1MDB settlement. The bolstered legal provisions cut Goldman’s second-quarter profit to $US373 million from $US2.4 billion. The bank agreed in late July to pay $US2.5 billion in penalties and return $US1.4 billion […]
Goldman Sachs cuts quarterly profit by 91% after $3.9 billion 1MDB settlement
Markets

Goldman Sachs’ 2nd-quarter earnings beat estimates as trading desks drive revenue spike

Goldman Sachs reported second-quarter earnings Wednesday morning that beat analyst estimates for revenue and profit. Quarterly revenue posted its second-highest reading ever as trading businesses surged on heightened market volatility. Loan loss reserves reached $US1.6 billion as the firm braced for credit-market fallout. “Our strong financial performance across our client […]
Goldman Sachs’ 2nd-quarter earnings beat estimates as trading desks drive revenue spike
Markets

Stocks will likely be trapped in a ‘fat and flat’ range until pandemic-led economic fallout fades, Goldman says

The stock market’s swift rebound through April drove Goldman Sachs’ Risk Appetite Indicator to its biggest-ever increase, and the bank now warns “worsened” symmetry in the investing landscape will tear into returns. Stock prices “appear high considering the uncertainty over growth, policy, and inflation,” the team wrote Friday, and investors […]
Stocks will likely be trapped in a ‘fat and flat’ range until pandemic-led economic fallout fades, Goldman says