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Wall Street Journal: Goldman Sachs Third-Quarter Profit Nearly Doubles Despite Pandemic, Recession

By  //  October 15, 2020

Goldman quarterly profit was $3.62 billion

Goldman Sachs Group Inc. said Wednesday its third-quarter profit nearly doubled, the latest confirmation that even in a pandemic and a recession, Wall Street can still make money. (Bloomberg image)

(WSJ.com) – Goldman Sachs Group Inc. said Wednesday its third-quarter profit nearly doubled, the latest confirmation that even in a pandemic and a recession, Wall Street can still make money.

Goldman’s quarterly profit of $3.62 billion on revenue of $10.78 billion was better than stock analysts had forecast and sharply higher from a year ago.

Since then, the global economy has crashed, political chaos has set in and interest rates have dropped to near zero—all things that should dent Wall Street profits.

And yet the nation’s biggest banks remain profitable.

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