Goldman Sachs Expected to Report $2B Profits
Maura Lockwood, Cabot Headline News
July 13, 2009
Analysts predict Goldman Sachs will report profits of $2 billion in the second quarter, according to the New York Times. While most Wall Street firms are waiting for the economic recovery, Goldman appears to have pulled itself out of the economic crisis with its trading prowess across world markets.
Goldman, which only recently repaid its government bailout money, has long been the envy of Wall Street. The Times reported that the bank's rivals will once again be wondering how Goldman could have rebounded so drastically only months after the nation's financial industry crisis.
According to the Times, Goldman managed to do what it has always done well: embrace risks that its rivals feared to take and manage those risks better than its rivals.
If the analysts are right, the results will extend a remarkable run for Goldman that was marred only by a single quarterly loss last fall of $2.12 billion. Goldman's share price has soared 68% in 2009, closing at $141.87 on Friday. ---
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