Reaping the rewards of a sound strategy.
Bloomberg News reports that net income rose to $2.09bn from $1.43bn a year earlier, the company said in a statement Tuesday.
CEO Lloyd Blankfein, 62, has cut jobs, given responsibility to more junior employees and lowered compensation to reduce expenses and preserve flexibility to ramp up trading when activity returned. This quarter shows the benefit of the strategy, which attracted some skepticism among analysts as competitors such as Morgan Stanley decided to retreat instead.
“We saw solid performance across the franchise that helped counter typical seasonal weakness,” Blankfein said in the statement.
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