News Column

Goldman Sachs Reports $1.5 Billion Q3 Earnings

October 16, 2012

US investment bank Goldman Sachs reported Tuesday 1.5 billion dollars in earnings for the third quarter, beating analysts forecasts. The organization made a 428 billion loss in the same period in 2011.

"This quarter's performance was generally solid in the context of a still challenging economic environment," said Goldman chief Lloyd Blankfein.

He reported that most of the firm's divisions had shown better results, and that the value of the firm's investment in Chinese bank ICBC had also risen considerably.

Other large US banks - including JP Morgan Chase and Wells Fargo - reported gains. Citigroup however posted lower.

Source: Copyright 2012 dpa Deutsche Presse-Agentur GmbH

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