Goldman Sachs Group reported an 87% increase in earnings, the largest quarterly profit in the firm's history, according to MarketWatch.com. Goldman CFO David Viniar attributed his firm's record performance a result of "strength across virtually all of our business."
Goldman boasted particular strength in its investment banking business, which brought in about $1.02 billion in revenue - a 14% increase from the same quarter last year.
Profits in the firm's trading business jumped 88% to $5.06 billion, including a $498 million increase on principal investments.
"Risk versus reward once again worked in Goldman's favor," wrote Susan Roth Katzke, a Credit Suisse First Boston analyst.
Separately, the firm announced its decision to buy back about 60 million shares, approximately 12% of its stock, worth $7.1 billion.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.