Goldman Sachs brought in $2.42 billion in profit, or $6.26 a share, crushing the $3.78 a share estimate of analysts. Revenue of $13.3 billion was more than $3.5 billion higher than the estimate, fueled by strong results in its trading and investment banking divisions.
Beyond earnings and revenue though, the picture looks bad. Goldman Sachs raised more than $6B in a new distressed fund. As of July 15, 2020, Goldman sees the total raised on the distressed fund to exceed $10B. My thoughts are that it could go much higher if states continue to close back down due to mismanagement of the coronavirus pandemic in the U.S.
Goldman Sachs Group Inc. made the most of a historic market rebound in the second quarter as the Federal Reserve’s stimulus efforts handed a bonanza to Wall Street trading desks. Revenue from trading stocks and bonds surged 93%. Shares rose in early trading. Sonali Basak breaks it all down on “Bloomberg Surveillance.”