Goldman profits fall 12% on global turbulence

AFP
Goldman Sachs bank brought in $927 million in net profits for the three months to June 30

Traders work at the Goldman Sachs booth on the floor of the New York Stock Exchange, 2010. Global economic turbulence hit the bottom line at Wall Street banking titan Goldman Sachs, with second quarter profits falling 12 percent from a year earlier

Global economic turbulence hit the bottom line at Wall Street banking titan Goldman Sachs, with second quarter profits falling 12 percent from a year earlier, the company said Tuesday.

The bank brought in $927 million in net profits for the three months to June 30, compared to $1.05 billion a year earlier and some 55 percent lower than the first quarter's record $2.07 billion.

Earnings per share were down seven percent from a year earlier to $1.78, the company said.

"During the second quarter, market conditions deteriorated and activity levels for both corporate and investing clients were lower given continued instability in Europe and concerns about global growth," chief executive Lloyd Blankfein said in a statement.