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Goldman Sacs Profits Fall 11 Percent
2012-07-17 16:30:40 (219 weeks ago)
Posted By: Intellpuke
Goldman Sachs profits fell 11% in the second quarter as the weak global economy cut demand for investment banking. Net profit for the three months to June was $962 million (£612 million) and net revenues were $6.63 billion, compared with profits of $1.08 billion on revenues of $7.28 billion in the same period last year.

Revenue from equity underwriting, which included fees from Facebook's controversial IPO, fell 37% on the year to $239 million.

Average pay fell by just 5%. Compensation for the first half, including pay and bonuses, totaled $7.29 billion, or an average of $225,789 per employee, down from $237,662 a year earlier.

The bank still beat analysts' forecasts, which had been trimmed as the economy appeared to be slowing.

"During the second quarter, market conditions deteriorated and activity levels for both corporate and investing clients were lower given continued instability in Europe and concerns about global growth," said Lloyd Blankfein, chairman and chief executive.

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Goldman Sachs produced $16.6 billion of revenue in the first half of the year, down 14% from a year earlier. The bank is cutting expenses in order to make up the shortfall and has shed 3,200 jobs in the past 12 months, including 100 in the second quarter.

Revenue from trading in the second quarter was 11% higher than the same period last year at $3.89 billion but was down 32% from the first quarter. Investment banking revenue slumped in the quarter to $1.2bn, down 17% from a year earlier.

Goldman's results follow similar slides from Citigroup and JP Morgan Chase. JP Morgan last week said that second-quarter net income hit $5 billion, down from $5.4 billion in the same period of 2011. Citigroup reported a 12% drop in second-quarter earnings on Monday.

Intellpuke: You can read this article by Guardian U.S. Business Correspondent Dominic Rushe, reporting from New York City, N.Y., in context here:

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