Goldman Sachs Earnings: Bank Combats Trading Drop With Private Equity Gain

Going into earnings season, it looked like it would be a bloodbath for Goldman Sachs (NYSE: GS) given the anticipated decline in trading revenues at Wall Street banks in the three months ended Sept. 30. But that didn't turn out to be the case.

When Goldman Sachs reported earnings on Tuesday, its results handily outperformed analysts' expectations. The bank generated $8.3 billion in revenue and $2.1 billion in net income, both of which were 2% higher than the year-ago quarter. It earned $5.02 per share, up from $4.88 in the third quarter of last year. Analysts had expected the bank to earn $4.17 per share.

"Our overall performance this year has been solid and provides a good foundation on which to execute and deliver our growth initiatives," said Lloyd Blankfein, chairman and CEO of Goldman Sachs.

Source: Fool.com