Booming stock markets around the globe helped Goldman Sachs Group Inc offset dec...
) offset declines in other businesses last quarter, but those gains may not be sustainable, analysts said.
The biggest contributor to the bank’s profits was the $1.5 billion it notched from its own equity investments – including $375 million from electronic trading company Tradeweb – some of which it sold during the second quarter. These were all bright signs in otherwise dreary results for Goldman Sachs, however. Its revenue from other major businesses, including bond trading, M&A and investment management, all fell.
“We consider these to be solid results given the operating environment ... but they underscore the importance of the firm’s strategic initiatives,” wrote David Fanger, senior vice president at Moody’s.
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