Goldman Sachs Group reported a higher-than-expected quarterly profit on Tuesday as the Wall Street investment bank benefited from higher equities trading revenues and an increase in lending to companies and wealthy clients.
However, Goldman's fixed-income business suffered another disappointing quarter with net revenue falling 13%. The bank said that the decline reflected significantly lower net revenue from interest-rate products and currencies. Institutional client revenue, which includes trading, slipped 3%, while investment banking revenue was down 9%. However, revenue from the bank's investing and lending business rose 16%, its highest quarterly performance in eight years.Evercore ISI analyst Glenn Schorr said Goldman had delivered a"pretty good quarter" with most business lines performing"a little better than expected".
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