Goldman Sachs' earnings soared in the third quarter, driven largely by trading and investment gains. The results easily surpassed analysts' estimates.
The New York-based bank said Tuesday that it earned $2.1 billion, or $4.88 per share, up from $1.33 billion, or $2.90 per share, in the same period a year earlier. Wall Street analysts were expecting Goldman to earn $3.82 a share, according to FactSet.
While the firm's investment banking division reported flat revenue, a reflection of the fact fewer companies did deals in the quarter, Goldman's trading desks and the division where it invests its own money did exceptionally well.
Revenue in Goldman's fixed income,...