Goldman Beats Expectations

Bloomberg reports that net income for the quarter dropped to just $563m from $577m in Q2 2001, fuelled by a 21% increase in bond trading revenues which boosted the results. As expected, equities and investment banking remained weak.

The firm issued a statement, however, which gives little cause for optimism: 'Weakness in investor and executive confidence which has led to difficult corporate markets and lower levels of corporate activity' prompted a 'cautious' outlook.

David Viniar, Goldman's chief financial officer, has confirmed that the firm plans no further layoffs in 2002, as long as business continues to improve.