This week’s round of large US investment banks that published their second-quarter earnings concluded yesterday with Goldman Sachs, Bank of America and Morgan Stanley showing resilience as they continued to top analyst expectations.
Goldman kicked off the results on Monday, benefiting from a recovery in capital markets activity with second-quarter revenues of $12.73bn, 17 per cent higher year on year but 10 per cent lower than the previous quarter. Investment banking fees rose 21 per cent to $1.73bn due to increased debt underwriting revenues.
