Goldman’s Profit Jumps As Bond Trading Revenue Rises
July 20, 2016
Goldman Sachs Group Inc’s quarterly profit jumped 78 percent, handily beating market expectations, as the Wall Street bank earned more from bond trading and its expenses fell.
Revenue from trading fixed income, commodities and currencies (FICC) rose 20 percent to $1.93 billion in the second quarter. Total revenue from trading rose 2 percent to $3.68 billion.
Revenue from fixed income rose 35 percent at JPMorgan Chase & Co, 14 percent at Citigroup Inc and 22 percent at Bank of America Corp.
Goldman’s total operating expenses fell 25.5 percent to $5.47 billion.