Goldman Sachs saw a significant increase in revenues in the second quarter, with the financial group benefiting from increased trading activity in the financial markets. With a remarkable recovery following the corona dip in March, demand from the merchant bank for trade services is also increasing rapidly.
Revenue was $ 13.3 billion. That equates to a 41 percent increase over the same period last year and is Goldman Sachs’ second highest quarterly revenue. In addition, fees charged by the bank for trading stocks, bonds and commodities grew 93 percent to $ 7.2 billion.
The annual net result rose slightly to 2.4 billion euros. Earnings did not increase faster, partly because Goldman Sachs set aside more money for loans that may not be repaid due to the crisis. These provisions increased to $ 1.6 billion from $ 937 million in the first quarter.
The results of the American investment bank far exceeded all expectations on Wall Street. The Goldman Sachs share was therefore ahead of the stock market. Amid the crisis, the bank’s resounding results may also raise critical questions about the Federal Reserve’s stimulus policy, warns market researcher Opimas. The trillions of dollars that the central bank umbrella has pumped into the economy seem to benefit mainly investment bankers, not the real economy, due to higher stock prices.
Import prices in the United States increased by 1.4 percent in June compared to the previous month. This is evident from figures from the United States government. Economists generally expected an increase of 1 percent. US export prices also rose by 1.4 percent on a monthly basis, while a 0.8 percent increase was expected here.