Goldman Sachs Shares Surging After Earnings Report
Despite a slow start at the beginning of the year, Goldman Sachs sees a huge surge in profit, with quarterly earnings up 47%.
The Wall Street Journal reports Goldman reported a profit of $2.9 billion at $4.88 cents a share.
A huge change from the same period last year, when the investment firm reported a $1.43 billion profit at $2.90 a share.
The Wall Street Journal says Goldman saw a rise in fixed income, currency and commodity trading and stock trading. Chief Financial Officer Harvey Schwartz says the main reason it appears Goldman is doing so well is due to the low bar set by 2015's poor third quarter performance.