Goldman Sachs (NYSE: GS) made an obscene
amount of money last quarter, which surprised precisely no
one.
Net income came in at $3.19 billion, or $5.25 per share.
That was up from $845 million, or $1.81 per share in the same
period last year.
In a conference call you'd think was scripted
word-for-word by a PR firm, Goldman spent most of the morning
playing down the results, reminding investors that record
territory wasn't breached, and that paying its employees
kingly sums was obligatory.
"Our competitors are very good, they are paying people
quite well," said CFO David Viniar. In other words, "Don't
hate the player, hate the game!" Â
But no one's fooled here: This environment is about as
good as it gets for Goldman. One year post-meltdown,
Goldman's trading units are pulling money out of thin air at
a rate the Bureau of Engraving and Printing would envy.
Here's how banking and trading revenue broke down in the
quarter, compared to last year:
Division
Net Revenue, Q3 2009
Net Revenue, Q3 2008
Investment Banking Advisory (mergers and
acquisitions)
$325 million
$619 million
Equity Underwriting
$363 million
$292 million
Debt Underwriting
$211 million
$383 million
Fixed Income, Currency, and Commodities Continued... |