Chillin' out till it needs to be funded
Bank results season still showed that live issues matter more to investors as they cautiously welcome better earnings from banks despite the goodwill impairments and the paper loan losses reducing their impact. The key takeaway from this week yet is that foreclosures and loss of trading revenues have taken away the big 4 and the american banking majors from investment spotlight. Goldman Sachs lost 40% of its year ago earnings in today’s results season but still reported earnings of nearly $3 per share and is obviously a solid bet for most market participants even to benchmark other sectors and industries and big enough to support turnarounds in hot OIL and GOLD plays.
Goldman Sachs managed a brilliant $1.9 bln profit on $8.9 bln revenue ( down 28%) even as traders made alternative arrangements for themselves as regulations force the bank to change its reliance on trading to prove its ways to the world.
“Our third quarter results reflect solid performances across our businesses. While economic conditions continue to be challenging in a number of important markets, our focus is on helping our clients achieve their goals. In doing this, we benefit from the strength of our balance sheet, our robust business model and the continuing breadth and depth of our global client franchise,” Chairman and CEO Lloyd Blankfein said in a statement.(RTT NEWS)
Most of the additional revenues ( analysts expected a full billion lesser) added directly to profits as it beat $2.28 estimates by more than 30% at $2.98