You are here

Goldman Sachs profit hit by weak bond trading

GoldmanStock151015.jpg
Goldman Sachs Group Inc reported a drop in profit for the second straight quarter as market turmoil stemming from concerns about global growth discouraged bond trading and added to uncertainty about the timing of a US interest rate hike.

[BENGALURU] Goldman Sachs Group Inc reported a drop in profit for the second straight quarter as market turmoil stemming from concerns about global growth discouraged bond trading and added to uncertainty about the timing of a US interest rate hike.

The Wall Street bank said its net income applicable to common shareholders fell to US$1.33 billion, or US$2.90 per share, in the third quarter ended Sept 30, from US$2.14 billion, or US$4.57 per share, a year earlier. Analysts on average had expected earnings of US$2.91 per share, according to Thomson Reuters. It was not immediately clear if the reported figures were comparable.

Goldman said revenue from fixed-income, currency and commodity trading (FICC) fell 33 per cent to US$1.46 billion. Excluding adjustments, revenue would have fallen 27 per cent.

REUTERS

sentifi.com

Market voices on:

grab

Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.

Find out more at btsub.sg/promo

Powered by GET.comGetCom