Goldman Q3 Results 'Generally Solid'

Bloomberg reports that third-quarter net income of $1.51bn, compared with a loss of $393m a year earlier, beating analyst estimates.

Reuters reports that revenue more than doubled due to gains in stocks and bonds it holds as investments and due to a sharp rise in investment banking revenue.

The New York Times reports that net revenue in Goldman’s powerful fixed Income, currency and commodities unit came in at $2.22bn, 28% higher than the third quarter of 2011. The company said this this increase reflected 'significantly higher' revenues from trading in mortgages as well as a bump in revenue from trading items like currencies and interest rate products.

CEO Lloyd Blankein said: 'This quarter’s performance was generally solid in the context of a still challenging economic environment. We continue to be disciplined in managing our operations and capital, while effectively serving our clients’ needs. The focus on these priorities will serve our shareholders and the firm well over the longer term'.