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Goldman Sachs' profits halve in second quarter Goldman Sachs' profits drop sharply in second quarter
(about 1 hour later)
US bank Goldman Sachs has said its net profits more than halved in the second quarter, blaming deteriorating market conditions and a drop in its investment banking activities. Goldman Sachs has said its net profits dropped sharply in the second quarter due to a drop in its investment banking activities and a deteriorating market.
Net income fell to $962m (£615m) in the three months to 30 June, down from $2.1bn in the first quarter. Net income fell at the US bank to $962m (£615m) in the three months to 30 June, down from $2.1bn in the first quarter.
The firm said that staff compensation - salaries and bonuses -was $2.92bn, down 9% from last year. Profit was down 11% from $1.05bn recorded in the second quarter of 2011.
Revenue from investment banking, its core business, fell 4% in the quarter. Net revenues in investment banking fell 17% from a year earlier to $1.2bn. Staff compensation - salaries and bonuses - fell 9% to $2.92bn.
Profits were also 11% lower than the same period a year earlier.
"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," said Goldman chief executive Lloyd Blankfein."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," said Goldman chief executive Lloyd Blankfein.
The bank makes most of its money from providing services to big institutional investors such as multi-national corporations, pension funds and other financial companies.
Revenue from share or equity trades fell 12% to $1.7bn from the same period in 2011.
However, that was offset by increased income from trading in bonds, currencies and commodities.
Goldman made $2.19bn from these services, up 11% from the second quarter of 2011.