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मंगलवार, अप्रैल 20, 2010

Goldman Sachs posts $3.29 bn Q1 net profit

Goldman Sachs Group Inc said first-quarter earnings nearly doubled, topping expectations, bolstered by fixed income trading profits.

Net income for the Wall Street powerhouse rose to $3.29 billion, or $5.59 per share, from $1.66 billion, or $3.39 per share, a year earlier.

Analysts on average has forecast $4.01 per share, according to Thompson Reuters I/B/E/S.

The results came four days after the New York-based bank was accused of fraud by the U.S. Securities and Exchange Commission in the structuring and marketing of a debt product tied to subprime mortgages.

Goldman emerged as Wall Street's most influential bank after the financial crisis, but it has faced a backlash over its pay and business practices.

Shares of Goldman closed at $163.32 on Monday, up 1.63 percent. The shares tumbled more than 12 percent on Friday after the news of the SEC's charges

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