Goldman Sachs reported a steep drop in quarterly profits yesterday as the exceptional trading conditions that followed the 2008 financial crisis evaporated, exacting a toll on Wall Street's most powerful profit engine.
Goldman's net income after payment of preferred shares plunged 83 per cent in the second quarter, to $453m, or 78 cents a share, missing analysts' estimates. Revenue from its trading and principal investments – the heart of Goldman's business – fell nearly 40 per cent. The bank also set aside more than $1bn for the UK bonus tax and penalties it agreed to pay last week to settle with the Securities and Exchange Commission.
Goldman executives gave few signs that a pick-up in trading activity was imminent.
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