Goldman Sachs 2nd-quarter earnings beat estimates as strong investment-banking revenue offsets trading slowdown

Goldman Sachs 2nd-quarter earnings beat estimates as strong investment-banking revenue offsets trading slowdown

Reported on Tue day that handily exceeded analysts' estimates. Investment banking generated its second highest quarterly net revenues ever, just behind the first quarter of 2021, thanks in large part to a robust IPO market. The strong numbers in that segment offset a slowdown in Goldman's trading business. Investment banking revenue climbed to $3.61 billion higher than the $2.92 billion estimated by analysts surveyed by Bloomberg. Goldman shares were little changed, up by just 0.53% Tuesday morning. "Our second quarter performance and record revenues for the first half of the year demonstrate the strength of our client franchise and our continued progress on our strategic priorities. While the economic recovery is underway, our clients and communities still face challenges in overcoming the pandemic," Goldman Sachs CEO David Solomon said in a statement. Goldman's trading businesses took in $4.9 billion in the quarter, compared to $7.58 billion in the first three months of the year. The bank also said quarterly net revenues were the second highest in its financial advisory, equity underwriting, and debt underwriting units due in large part to an increased backlog. Goldman said it has approved plans to increase in the quarterly dividend by 60% to $2 per