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Goldman Sachs Earnings Fall Sharply
Posted: 07/20/10
By: tomgrisafi
Goldman Sachs' profit fell a substantial 82% in the latest quarter, the company revealed Tuesday, a reality aided in part by last week's settlement of fraud charges with the SEC.
The legendary Wall Street firm also noted that its second-quarter results "were hurt by a tax assessed on its U.K.-based employees by the British government," as reported by CNN.
The real "driver of the decline," however, came as a result of a massive slowdown in its trading business, with revenue slipping nearly 40%, following "wild market swings" in May and June.
The company's traditional investment banking business also reported a 36% decline in revenue, as "overall stock and debt underwriting activity" similarly dried up.
"The market environment became more difficult during the second quarter and, as a result, client activity across our businesses declined," company chairman and CEO Lloyd Blankfein said in a statement.
In total, Goldman said it earned $613 million. Analysts were expecting the company to earn $1.28 billion.
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Guest
Posted: 07/21/10
In this case you really have to look at how the SEC's case aganist them and recent market volatility affected their profits. Many people were caught the wrong way during may because of the "flash crash" and other factors th