Goldman Sachs Q1 earnings touch $3.3 billion as fraud case looms
21 Apr 2010
Goldman Sachs Group Inc announced doubling of its first-quarter earnings to $3.3 billion as its trading business again surpassed the rest of the financial industry. The bit of good news for the bank came as it faced a government civil fraud charge
The company earned $5.59 a share on revenue of $12.78 billion asits profit swelled on bond, commodities and currency trading, beating analysts projections for the quarter. The company earned a record $4.79 billion in the fourth quarter.
Goldman Sachs also reported sharply higher fees from stock and debt underwriting.
Even with the reports of another strong quarter, the bank is facing a major challenge with a civil fraud lawsuit the Securities and Exachange Commission (SEC) slapped it with on Friday. The SEC alleges the company and one of its vice presidents misled investors who were sold complex financial products expected to fail.
CEO Lloyd Blankfein without making any reference to the SEC case thanked the bank's supporters in a statement.
"In light of recent events involving the firm, we appreciate the support of our clients and shareholders, and the dedication and commitment of our people," he said.
