Goldman Sachs sets records amid tariff turmoil

How well is it going at Goldman Sachs? When briefing reporters about its quarterly earnings last Wednesday, a bank executive twice paused to list the various departments that had taken in a record haul.

- ROB COPELAND

There were record quarterly revenues in units covering bond trading, stock trading and in the bank’s equities business overall, a category that includes a range of complex financial manoeuvres the New York investment bank helps clients perform for a fee.

Overall, Goldman earned $3.7 billion in the second quarter, far surpassing forecasters’ expectations.

Here's how Goldman, and other big banks that reported banner results last week, did it.

TURMOIL IN TRADING

Goldman spent years trying to build a consumer bank, but pulling back to refocus on its traditional corporate clients is paying off. The lender's investment bank, which advises companies on mergers, debt offerings and the like, produced better-than-expected figures.