Financial services major Goldman Sachs today reported a nearly four-fold jump in third quarter profits at USD 3.19 billion, primarily boosted by trading and investment segments.
The good show by Goldman Sachs comes a day after rival JPMorgan Chase posted a robust third-quarter performance, indicating that the battered financial sector is on the revival path.
JPMorgan posted profits of USD 3.6 billion in the September quarter.
Goldman Sachs, one of the most profitable Wall Street firms, raked in profits of USD 3.19 billion, about four-fold higher compared to the year-ago period.
In the comparable quarter, it was at USD 845 million.
During the third quarter, the entity?s net revenues from investment banking was USD 899 million while that from Trading and Principal Investments touched USD 10.03 billion, Goldman Sachs said in a statement.
However, the latest quarter profits are lower than that of USD 3.44 billion in the second quarter.
The financial services major raked in revenues to the tune of USD 12.37 billion in the third quarter, nearly double compared to USD 6.04 billion in the same period a year ago.
Goldman Sachs which is caught in a storm over exorbitant pay packets, said compensation and benefits expenses stood at USD 5.35 billion in the September quarter.
The figure is much higher than USD 2.9 billion incurred in the year-ago period.