Investment banking concern Goldman Sachs reported
Tuesday it achieved net earnings of $1.09 billion in the
second quarter of 2011 in a result helped by cost-cutting.
The figure was more than double the $453 million that the group achieved in the year-earlier period, but still fell short of most analysts' projections.
The earnings came on revenues of almost $7.3 billion, down 18 percent from the second quarter of 2010.
At the same time, Goldman Sachs slashed operating expenses by 23 percent year-on-year, to $5.67 billion. That figure was also 28 percent lower than in the first quarter of 2011, and a company statement said cost-cutting was still ongoing.
"During the second quarter, the operating environment was more difficult given global macro-economic concerns," said Lloyd C. Blankfein, Goldman Sachs chairman and chief executive officer.
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