Washington: Wall Street investment banker Goldman, which took federal money a few months ago to save itself from bankruptcy, is expected to announce profits for the March-June period, media reports said.
The New York Times reported Sunday that analysts predict Goldman Sachs earned a profit of $two billion in the March-June period, mainly due to its trading prowess across world markets.
“If they are right, the bank’s rivals will once again be left to wonder exactly how Goldman, long the envy of Wall Street, could have rebounded so dramatically only months after the nation’s financial industry was shaken to its foundations,” the newspaper said.
The newspaper said Goldman has managed to do again what it has always done so well: embrace risks that its rivals feared to take and, for the most part, manage those risks better than its rivals dreamed possible.
“It is, in many respects, business as usual at Goldman,” Roger Freeman, an analyst with Barclays Capital, was quoted as saying.
The New York Times said J P Morgan Chase and other big banks too are expected to report strong second-quarter profits as well this week, again in large part based on robust trading results.