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Goldman Sachs Q2 results better than Wall Street predictions

Goldman Sachs Q2 results better than Wall Street predictions

(19 July 2012 – United States) Goldman Sachs investment bank reported that its net income fell 11 percent in the April to June period, after making fewer deals and an effort to avoid volatility in global financial markets. The New York bank said on Tuesday its net income fell to US$962 million (A$941.98 million), or US$1.78 per share, for the quarter. That compares with US$1.09 billion, or US$1.85 per share, a year ago.

'During the second quarter, market conditions deteriorated and activity levels for both corporate and investing clients were lower given continued instability in Europe and concerns about global growth,' Goldman's chief executive, Lloyd Blankfein, said in a statement.

Revenue for the three months ended 30 June declined 9 percent to US$6.63 billion. That was more than Wall Street's forecast of US$6.2 billion.

Revenue in Goldman's investment banking division fell 17 percent to US$1.2 billion; mergers and acquisitions fell 26 percent and underwriting revenue fell 9 percent.
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