Wall Street titan Goldman Sachs on Tuesday booked a $2.1 billion profit for the first quarter, more than doubling the amount made at the same time last year and smashing market expectations.
Lower revenues in the company's all important investment banking unit -- as well as fixed income, commodities, currency and underwriting -- were offset by higher revenues from financial advisory and stock investments.
"We are pleased with the firm's solid performance for the quarter," said Lloyd Blankfein, Chief Executive Officer.
"Stronger global markets, together with the firm's deep and broad client franchise, drove improved results across most of our businesses."
In the first quarter of 2011 Goldman Sachs had posted earnings of roughly one billion dollars.
This year earnings per share hit $3.92, more than the $3.55 predicted by investors.
The firm's salary bill dropped 16 percent compared to the same period in 2011, to $4.38 billion.
The company's effective income tax rate for the first quarter was 34 percent.
Source: AFP Global Edition