Goldman profits surge as Goldman Sachs (GS) reported second-quarter profits soaring 150% from a year ago. Investment banking surged, driving this impressive growth. This latest signal indicates Wall Street is warming up after a two-year drought.
Net income was $3.04 billion, which beat analyst expectations. Its total revenues of $12.73 billion also rose 17% from a year ago. #GoldmanProfitsSurge
The result gives CEO David Solomon more momentum following his most challenging year ever as boss.
A year ago he was grappling with a dealmaking slump, a costly exit from consumer banking and a series of high-profile departures from the firm.
Goldman’s stock was up slightly in pre-market trading Monday. As of last Friday’s close, the stock had climbed 24% year to date. #GoldmanProfitsSurge
It is up 114% since Solomon took over nearly six years ago.
“We are pleased with our solid second quarter results and our overall performance in the first half of the year, reflecting strong year-on-year growth,” Goldman Solomon said.
Goldman is the latest big bank to demonstrate it is benefitting from an investment banking rebound.
Additionally, Goldman profits surge amid favorable economic conditions. Rising interest rates and increased market activity benefited their operations. The company’s adaptability and resilience were crucial in navigating challenges. Ultimately, their strong performance solidified their market position.
