Goldman Sachs Group, the worlds most profitable securities firm before the financial crisis, said earnings were little changed as the bank cut costs in response to a 20% drop in revenue. The firm increased its dividend 10%.
Shares of the company fell as revenue of $6.72 billion fell short of the $7.35 billion average estimate of 17 analysts surveyed by Bloomberg. Third-quarter net income rose to $1.52 billion, or $2.88 a share, from $1.51 billion, or $2.85, a year earlier, the New York-based company said today in a statement.
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