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Goldman Sachs profits jump 79%
21 September 2007
Goldman Sachs has reported quarterly profits up 79% as revenue from investment banking and trading increased despite turbulent summer markets. Goldman’s net income rose 79 percent in the third quarter to $2.85 billion from $1.59 billion last year, their statement said.
Goldman’s performance was driven in part by an early bet against US mortgages, which more than offset losses on its holdings of non-prime loans and mortgage securities.
“Given the difficult environment of the third quarter, many of our businesses were challenged. But overall, the quality of our franchise produced strong results as clients continue to look to us for advice and execution,” - said Lloyd Blankfein, Goldman Sachs chief executive
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