Goldman Sachs today reported a better-than-expected quarterly profit, driven by its equities trading and investment banking businesses that offset weakness in bond trading.
This is Goldman's last quarterly results under Lloyd Blankfein, who led the company as chief executive for 12 years before handing over the reins to David Solomon in October.
The bank said fixed income, currency and commodity trading revenue fell 10% to $1.31 billion.
Goldman is typically more sensitive to swings in market volatility than its peers because its large trading business overshadows its other banking units.
Revenue from the bank's equities trading rose 8% to $1.79 billion.
At Morgan Stanley, Goldman's traditional rival, revenue from equity trading rose 6%, while bond trading rose marginally.
Revenue from Goldman's investment banking business rose 10.2%, while its overall net revenue rose 3.8% to $8.65 billion.
Net earnings attributable to common shareholders rose to $2.45 billion, or $6.28 per share, in the third quarter ended September 30 from $2.04 billion, or $5.02 per share.
Analysts on average were looking for $5.38 per share, according to I/B/E/S data from Refinitiv.
