Goldman Sachs, the highest tier of Wall Street banks, posted earnings this morning. This quarter, the Goldman Sachs Group brought in net revenues of $9.13 billion, and net earnings of $2.04 billion, exceeding expectations. Goldman's estimates were floated around $3.07 per share and revenue of $7.98 billion.
Diluted earnings per common share were $4.10 compared with $3.70 for the second quarter of 2013 and $4.02 for the first quarter of 2014. Annualized return on average common shareholders’ equity was 10.9% for both the second quarter of 2014 and the first half of 2014.
Goldman was up 2.05 percent to 170.43 in pre-market trading. Lloyd C. Blankfein, Chairman and Chief Executive Officer, said in a statement:
We are pleased with our results for the quarter in the context of mixed operating conditions during the period. This performance was driven by the diversity, strength and breadth of our global client franchise. Good client activity in Investment Banking and Investment Management as well as a better environment for our Investing & Lending activities helped offset less favorable conditions for Institutional Client Services.”
On the press call Goldman noted this record setting quarter was spurred by their "adaptability" and "nimbleness" as a company. They also encouraged the work of their analysts, who they boasted had the best "connectivity with clients" in their environment.