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<\/p>\ngoldman sachs
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Goldman execs reportedly split on hiking pay for overworked junior bankers
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JPMorgan’s first-year analysts will now make six figures
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Swiss bank UBS will allow most employees to work from home permanently
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Swastika stickers found at Goldman Sachs and Verizon buildings
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Goldman Sachs said second-quarter earnings surged past analyst expectations as dealmaking stays hot and the economy continues its roaring recovery. <\/p>\n
The Wall Street giant on Tuesday reported $5.49 billion in profit on $15.39 billion in revenue \u2014 far more than the $12.17 billion in revenue bank analysts had expected. Earnings per share were $15.02 compared to an estimated $10.25 per share, according to FactSet.<\/p>\n
Goldman\u2019s investment banking group led the growth \u2014 bringing in $3.61 billion in fees as more companies are going public, looking at possible mergers and acquisitions and raising capital. It was the second best quarter for the investment bank ever \u2014 just lagging the first quarter of 2021.<\/p>\n
The trading business saw a predicted falloff in revenue, with the division bringing in $4.9 billion this quarter compared to $7.58 billion the previous quarter and down more than 30 percent from the second quarter of 2020. The decline was expected as volatility from the coronavirus, which caused huge swings in the market, slowed.<\/p>\n
Goldman\u2019s numbers look far better compared to the second quarter of 2020 when the bank was plagued with fallout from the 1MDB Malayasian bribery scandal and forced to shell out $2 billion to the Malaysian government. Investment banking revenue is up 36 compared to the same quarter last year when the 1MDB fine trounced the bank\u2019s bottom line.<\/p>\n
Goldman stock has surged almost 45 percent since the beginning of the year and shareholders are likely also celebrating the announcement last month Goldman will increase the dividend to $2 a share from $1.25 a share. <\/p>\n
Goldman shares were off 1.2 percent at $376.10 in early Tuesday trades.<\/p>\n