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.
