Goldman Sachs' earnings fall by 11% in the second quarter, a figure in any case better than analysts' forecasts awaiting a more substantial descent. In the calculation, the decline in turnover of the investment banking division, historically one of the strongest of the New York bank, weighs heavily.
The persistence of the crisis, in the last period, has in fact shifted investments to different and low-risk activities, causing a sharp drop in the number of mergers, which has slipped to its lowest level since the third quarter of 2009, with a consequent 17% contraction in the turnover of the investment and trading division, slipped to 1,21 billion, up, however, by 4,2% compared to the first quarter of 2012.
The profits of Goldman Sachs were $962 million, up from $1,09 billion of the same period of the previous year. Earnings per share, on the other hand, fell from $1,85 to $1,78, much better than the $1,16 expected by analysts. Also the 9% drop in turnover, to 6,63 billion dollarspositively disregarded the forecasts, which spoke of a more substantial contraction.
