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Deckard

Goldman Sachs Profit Drops 82%

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Well, talk about unexpected :blink:

July 20 (Bloomberg) -- Goldman Sachs Group Inc. said second-quarter profit dropped 82 percent, missing analysts’ estimates on a slide in trading revenue five days after settling U.S. regulators’ fraud allegations.

Net income fell to $613 million, or 78 cents a share, from $3.44 billion, or $4.93, a year earlier, New York-based Goldman Sachs said in a statement today. The average estimate of 21 analysts surveyed by Bloomberg was for earnings of $1.99 per share, with estimates ranging from 77 cents to $4.34.

Is this just window-dressing, a subtle attempt to placate the angry public - or did the squid actually make less money than usual ??

EDIT: spelling

Edited by VoteWithYourFeet

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Shock horror......scapegoat wisens up to his status as scapegoat and reports poverty.

Do they think people really believe this shit.

Edited by Alan B'Stard MP

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Scapegoat? There were/are the epicentre of toxic CDO sales/Globalization etc.

Just it seems to me that it was only yesterday they were paying their staff "record" bonus'.

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so given what a free-market, competitive, environment these guys operate in presumably the performance-related element of their pay will be 82% down as well, right?

Clearly, you don't know the first thing about investment banking :P

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Scapegoat? There were/are the epicentre of toxic CDO sales/Globalization etc.

Just it seems to me that it was only yesterday they were paying their staff "record" bonus'.

They know they are in the line to be culled.

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Its the bankerless recovereh. However what hope have they when the worlds credit card is tapped out.

It's the double-digit return-on-equity-less recovery.

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Well, talk about unexpected :blink:

Is this just window-dressing, a subtle attempt to placate the angry public - or did the squid actually make less money than usual ??

EDIT: spelling

They actually beat expectations before items:

"The earnings reflect a $1.15 billion in special charges — $550 million for the S.E.C. settlement and $600 million for a British bank payroll tax. Excluding these charges, earnings totaled $2.75 a share, substantially better than Wall Street analysts were expecting."

Shareholders footing the bill for the UK payroll tax.

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They actually beat expectations before items:

"The earnings reflect a $1.15 billion in special charges — $550 million for the S.E.C. settlement and $600 million for a British bank payroll tax. Excluding these charges, earnings totaled $2.75 a share, substantially better than Wall Street analysts were expecting."

Shareholders footing the bill for the UK payroll tax.

Yes, but trading profits are down, whichever way you look at it.

This is from ZH:

this quarter Goldman had at least 10 trading days in which it lost money in the current quarter: a stunner compared to the recent near flawless performance in the past several quarters. Either Goldman's Achilles heel has been exposed or the firm is blowing money on purpose.

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  • 258 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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