Goldman Sachs Group Inc reported a better-than-expected quarterly profit on Tuesday and named bank insider David Solomon to replace long-time Chief Executive Lloyd Blankfein. Solomon`s appointment comes as Goldman Sachs tries to reinvent itself after market trends and regulations ate into profits from its once-lucrative trading business. Blankfein will remain chairman until the end of the year, and Solomon, currently the bank`s chief operating officer, will take the helm at the start of October.

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Net income at the fifth largest U.S. bank rose 44 percent in the second quarter ended June 30, helped by strength in its investment banking and bond trading businesses.

Goldman`s performance in fixed income, commodities and currency trading contrasted with an exceptionally poor quarter a year ago, which saw the bank post the weakest commodities results in its history.

In equity trading, however, Goldman lagged peers such as JPMorgan Chase & Co and Citigroup Inc, both of which reported a rise in revenue from the business.

In its second-quarter results, JPMorgan identified strength in equity derivatives, while Goldman said on Tuesday its derivatives revenue fell.

Overall trading revenue, the biggest contributor to Goldman`s total revenue, rose 17 percent to $3.57 billion.

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Total non-interest revenue rose 18.3 percent to $8.40 billion, with investment banking revenue rising 18 percent. On a per share basis, the bank earned $5.98, comfortably topping the average estimate of $4.46 per share, according to Thomson Reuters I/B/E/S data.