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Goldman Sachs Inc tops earnings hopes

The revered investment bank unveiled earnings per share of US$3.72

Goldman Sachs building in Jersey City
Goldman joined the likes of JP Morgan Chase & Co and Citigroup Inc in topping hopes.

The upbeat bank earnings season continued on Tuesday as Goldman Sachs Inc (NYSE:GS) reported better-than-expected second quarter numbers.

The revered investment bank unveiled earnings per share of US$3.72 on revenue of US$7.9bn despite what it described as uncertainty caused by 'Brexit'.

Goldman joined the likes of JP Morgan Chase & Co and Citigroup Inc in topping hopes.

Chairman Lloyd Blankfein said: "We achieved solid results by continued to serve our clients across our diversified franchise and by managing the business efficiently."

Goldman cut staff numbers by 5% in the second quarter and pay fell by 13%, which the bank blamed on lower revenue.

Investment banking income was US$1.8bn during the period, down against the same time a year ago, but revenue from fixed income, currency and commodity trading was 20% up at US$1.93bn.

Shares in Goldman fell US$0.85, or 0.52%, to US$162.48 in early Wall Street trading.

Quick facts: Goldman Sachs

Price: 205.04 USD

NYSE:GS
Market: NYSE
Market Cap: $70.55 billion
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