What a difference a year makes at Goldman Sachs.
The venerated Wall Street investment bank, which a year ago was in the throes of struggle after attempting to build a Main Street franchise, on Monday showed off the benefits of sticking to what it knows best.
It earned nearly $4 billion in the first quarter — around $1 billion more than analysts expected — after reaping big profits in its trading and corporate advisory franchises.
Its investment banking fees exceeded $2 billion in the first quarter, nearly one-third higher than the same period a year earlier.
If it returns, Goldman is among the big banks in line to benefit.
Persons:
Goldman Sachs, Goldman, JPMorgan Chase
Organizations:
Wall, JPMorgan