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Goldman posts higher Q2 profit on cost cuts, legal provision

US bank details cost savings plan in response to 'challenging backdrop' for revenue

Goldman has remained committed to fixed-income trading even as rivals such as Morgan Stanley have shrunk operations because of new regulations that make it more difficult to generate profits.

New York

GOLDMAN Sachs Group Inc reported a higher second-quarter profit on Tuesday, as it benefited from a sharp decline in expenses and more activity in some parts of the fixed-income markets, but most of its businesses came under pressure.

In response to a "challenging backdrop...