Goldman Sachs reports ‘perfect’ first quarter earnings
Despite its legal woes, the Wall Street bank Goldman Sachs bolstered its reputation as a money-making machine by producing a “perfect” first quarter of 2010 with a net gain from its trading floor on every single day, a feat it has never achieved before.
In a regulatory filing, Goldman today warned that a $1bn (£670m) fraud prosecution by the US securities and exchange commission was likely to generate more lawsuits relating to its dealing in mortgage-backed derivatives.
But it also revealed the true consistency of its traders’ profits: it generated $9.74bn of trading revenue in the first three months of the year, with net revenue of $25m or higher on all 63 days. On 35 days, it generated more than $100m of net trading revenue.