Summary Box: Slowdown in trading hurts Goldman

AP News
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Posted: Oct 19, 2010 1:20 PM
Summary Box: Slowdown in trading hurts Goldman

FALLING PROFIT: Goldman Sachs Group Inc. said Tuesday its net income after paying preferred dividends fell 43 percent in the third quarter to $1.74 billion, or $2.98 per share. Despite the drop, earnings beat analysts' forecast of $2.32 per share.

TRADING TUMBLES: A steep slowdown in Goldman's most lucrative business, trading bonds, currencies and commodities, was the main reason profit fell.

DEBT UNDERWRITING HELPS: Goldman did get a lift from a jump in underwriting bond offerings. Low interest rate led companies to issue more debt during the quarter.