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Author
The Associated Press
Date
July 16, 2013

News Summary: Goldman’s profit, revenue soar

BY THE NUMBERS: Goldman Sachs said Tuesday that its second-quarter profit doubled and revenue increased 30 percent. The bank underwrote more stock and bond offerings compared with a year ago, and its own stock investments recorded a profit.

THE ELEPHANT IN THE ROOM: Analysts focused on potential stricter capital requirements that could be slapped on Goldman and other big banks. Bank officials said Goldman was comfortable with its capital levels, but analysts wanted more details than the bank provided.

ANALYST REACTION: Analysts had mixed reactions. Some were unimpressed by the big jump in profits, noting they were helped by one-time items like a lower tax rate. Others praised Goldman for good expense management and said the bank’s core businesses were still doing well.

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