Goldman Sachs reports sharply lower profit in Q3
The largest US investment bank Goldman Sachs Group Inc on Tuesday announced that third-quarter profits dropped 70 per cent to 845 million dollars, but stressed the company was doing better than its competitors.
The earnings compare to a 2.9 billion dollar profit for the same quarter in 2007, the bank said in a statement from New York. Revenue dropped to 6.04 billion dollars, down
51 per cent from the year- earlier quarter.
Despite the lower profit and revenue, Goldman Sachs could boast that it was still a profitable company unlike competitors Lehman Brothers Holdings Inc, which filed for bankruptcy Monday, and Merrill Lynch & Co, which was sold to the Bank of America Corp.
"We remain well-positioned to meet the needs of our clients and identify and act on the right market opportunities," chief executive Lloyd Blankfein said in a statement.
Shares in Goldman dropped 15 per cent in early trading on Wall Street Tuesday. The company's share price has dropped more than 30 per cent in 2008 amid a challenging time for all US financial firms.
Goldman's net income was down from 6.13 dollars per share to 1.81.
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