On October 13, Goldman Sachs (GS.US) saw its pre-market shares rise over 3%. In terms of news, the performance of Goldman Sachs Group's stock trading business in the third quarter significantly exceeded expectations, although revenue from fixed income and interest rate trading was far below Wall Street forecasts. A statement released by Goldman on Tuesday indicated that stock trading revenue reached $6.44 billion for the three months ending in September. This business had set a record for global banking in the second quarter, announced in July, marking the third consecutive quarter of record-breaking revenue. Although the third quarter revenue fell short of the historical peak of $7.42 billion set in the second quarter, it still surpassed aggregated analyst expectations. Revenue from fixed income and commodities trading was $3.47 billion, well below expectations and nearly a 1% year-over-year decline. Goldman Sachs CEO David Solomon had previously warned in September that business performance would slow in the third quarter. The trading facilitation business drove Goldman Sachs' growth in the third quarter, with investment banking fee revenue reaching $3.22 billion, exceeding expectations. The bank's asset management division also achieved record-high management fee revenue.
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Goldman Sachs Pre-Market Rises Over 3%, Q3 Stock Trading Revenue at $6.44 Billion Exceeds Expectations
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