Goldman Sachs profits jump on gains in advisory services, trading
The big US investment bank scored a 20 percent increase in profits to $3.5 billion compared with the year-ago period, easily topping analyst expectations.
Revenues rose 15 percent to $14.6 billion.
Goldman said increases in advisory fees reflected strength in the Americas and the EMEA (Europe-Middle East-Africa) regions.
Its investment banking fees backlog rose compared with the end of the first quarter, suggesting more mergers and acquisitions and initial public offerings lie ahead.
Bankers had been bullish on dealmaking after Donald Trump's victory in the November 2024 presidential election.
But in the first quarter, investment banks described dealmaking activity as having been backburnered as the White House focused on fast-changing trade policy.
Executives at rival financial services companies expressed hopes on Tuesday for more deals, with clients opting to charge ahead in spite of tariff uncertainty.
In its markets division, Goldman's gains were particularly pronounced in equities, where it enjoyed significantly higher revenues in equities financing and equities 'intermediation,' where Goldman acts as a middleman between two parties in a transaction.
These increases helped to offset lower revenues in Goldman's Asset and Wealth Management business.
Chief Executive David Solomon expressed measured optimism on the economy.
'At this time, the economy and markets are generally responding positively to the evolving policy environment,' he said in Goldman's press release. 'But as developments rarely unfold in a straight line, we remain very focused on risk management.'
Shares of Goldman Sachs rose 1.2 percent in pre-market trading.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
5 hours ago
- Express Tribune
India will continue to buy Russian oil, govt sources say
Listen to article India will continue purchasing Russian oil under long-term contracts despite US President Donald Trump's recent threats of additional penalties, two senior government sources said, emphasizing that existing accords cannot be canceled overnight. Trump last month posted on Truth Social that he would impose 100% tariffs on countries buying Russian oil unless Moscow reached a major peace deal with Ukraine, and on Friday told reporters he believed India had ceased its Russian oil imports. But Reuters reported this week that no formal directive has been issued to India's state refiners Indian Oil Corp, Hindustan Petroleum, Bharat Petroleum and Mangalore Refinery & Petrochemicals to halt purchases, even as those companies paused new orders when Russian discounts narrowed to their lowest since 2022. 'These are long-term oil contracts,' one source said. 'It is not so simple to just stop buying overnight.' Foreign Ministry spokesperson Randhir Jaiswal reiterated that India assesses energy purchases based on market availability, pricing and global conditions, and noted that New Delhi's 'steady and time-tested partnership' with Russia stands on its own merits, independent of third-country pressures. Russia remained India's top crude supplier in January–June 2025, accounting for roughly 35% of imports about 1.75 million barrels per day, up 1% from the same period a year earlier followed by Iraq, Saudi Arabia and the United Arab Emirates. The pause by state refiners this week reflected market dynamics rather than policy changes, sources said. The European Union last month imposed sanctions on Nayara Energy, a major Russian-backed refinery operator in which Rosneft holds a majority stake. EU measures have delayed the discharge of three oil-product shipments chartered by Nayara, and led to the resignation of its chief executive, replaced by company veteran Sergey Denisov. White House officials did not immediately comment on India's position. Analysts say New Delhi's reliance on discounted Russian crude offers both economic benefits and geopolitical complications, as global markets await potential US penalty implementations.
Business Recorder
6 hours ago
- Business Recorder
India will continue to buy Russian oil, government sources say
India will keep purchasing oil from Russia despite U.S. President Donald Trump's threats of penalties, two Indian government sources said, not wishing to be identified due to the sensitivity of the matter. 'These are long-term oil contracts,' one of the sources said. 'It is not so simple to just stop buying overnight.' Trump last month indicated in a Truth Social post that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters that he had heard that India would no longer be buying oil from Russia. The New York Times on Saturday quoted two unnamed senior Indian officials as saying there had been no change in Indian government policy, with one official saying the government had 'not given any direction to oil companies' to cut back imports from Russia. Reuters reported this week that Indian state refiners stopped buying Russian oil in the past week after discounts narrowed in July. 'On our energy sourcing requirements … we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances,' India's foreign ministry spokesperson Randhir Jaiswal told reporters during a regular briefing on Friday. Jaiswal added that India has a 'steady and time-tested partnership' with Russia, and that New Delhi's relations with various countries stand on their own merit and should not be seen from the prism of a third country. The White House in Washington did not immediately respond to requests for comment. Indian refiners are pulling back from Russian crude as discounts shrink to their lowest since 2022, when Western sanctions were first imposed on Moscow, due to lower Russian exports and steady demand, sources said earlier this week. Indian state refiners pause Russian oil purchases, sources say The country's state refiners - Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd - have not sought Russian crude in the past week or so, four sources familiar with the refiners' purchase plans told Reuters. India's top supplier On July 14, Trump threatened 100% tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the top supplier to India, responsible for about 35% of India's overall supplies. Russia continued to be the top oil supplier to India during the first six months of 2025, accounting for about 35% of India's overall supplies, followed by Iraq, Saudi Arabia and the United Arab Emirates. India, the world's third-largest oil importer and consumer, received about 1.75 million barrels per day of Russian oil in January-June this year, up 1% from a year ago, according to data provided to Reuters by sources. Nayara Energy, a major buyer of Russian oil, was recently sanctioned by the European Union as the refinery is majority-owned by Russian entities, including oil major Rosneft. Last month, Reuters reported that Nayara's chief executive had resigned after the imposition of EU sanctions and company veteran Sergey Denisov had been appointed as CEO. Three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions on the Russia-backed refiner, Reuters reported late last month.
Business Recorder
7 hours ago
- Business Recorder
India will buy Russian oil despite Trump's threats: NYT
Indian officials have said they would keep purchasing oil from Russia despite the threat of penalties that U.S. President Donald Trump said he would impose, the New York Times reported on Saturday. Reuters could not immediately verify the report. The White House, India's Ministry of External Affairs and the Ministry of Petroleum and Natural Gas did not immediately respond to requests for comment. Trump last month indicated in a Truth Social post that India would face additional penalties for purchase of Russian arms and oil. However, he later said that he did not care what India does with Russia. On Friday, Trump told reporters that he had heard that India would no longer be buying oil from Russia. Indian state refiners pause Russian oil purchases, sources say Two senior Indian officials said there had been no change in policy, according to the NYT report, which added that one official said the government had 'not given any direction to oil companies' to cut back imports from Russia. Reuters had earlier reported that Indian state refiners stopped buying Russian oil in the past week as discounts narrowed in July. On July 14, Trump threatened 100% tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the top supplier to India, responsible for about 35% of India's overall supplies.
