Goldman Sachs Group today said its first-quarter profit rose 29 per cent to a company record on robust trading gains and investment banking fees.
New York-based Goldman reported earnings applicable to common shareholders rose to $3.15 billion, or $6.67 per share, for the quarter ended February 23rd, compared to $2.45 billion, or $5.08 per share, in the year-ago period.
Revenue rose 22 per cent to $12.73 billion from $10.43 billion in the year-ago period.
Goldman is the first of the Wall Street investment banks to report first-quarter results, with Lehman Brothers Holdings, Bear Stearns, and Morgan Stanley due in the coming days.
There has been increased uncertainty about the outlook for financial markets after the global stock swoon on February 27th, and growing concern about the effect a meltdown in the subprime mortgage industry will have on Wall Street.