Reuters: Global Markets: Goldman profit tops estimates; raises dividend

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Goldman profit tops estimates; raises dividend Apr 17th 2012, 12:16 Tweet Share this Email Print Related News Goldman Sachs commodities risk flat in Q1 vs Q4 8:06am EDT Instant View: Goldman profit tops estimates; raises dividend 8:06am EDT Analysis & Opinion The pain in Spain – redux Do Jubilee shares make any sense? Related Topics Hot Stocks » Asian Markets » 1 of 2. A Goldman Sachs sign is seen on the floor of the New York Stock Exchange, April 16, 2012. Credit: Reuters/Brendan McDermid By Lauren Tara LaCapra Tue Apr 17, 2012 8:16am EDT (Reuters) - Goldman Sachs Group Inc reported higher-than-expected quarterly earnings thanks to aggressive cost-cutting and strong investment banking and trading revenues, and the Wall Street bank raised its dividend. Goldman earned $2.1 billion, or $3.92 per share. In the year-ago period, which was generally stronger for investment banks' trading and banking activity, it earned $4.38 per share, excluding a one-time cost for buying back preferred stock. Analysts had expected $3.55 per share, according to Thomson Reuters I/B/E/S. Goldman said it would raise its quarterly dividend to 46 cents per share from 35 cents. Goldman shares were down 1 percent in premarket trading. Revenue was down across most of Goldman's businesses except for financial advisory and equities client execution. But bond-market businesses were a bright spot compared to the 2011 fourth quarter, when markets were still reeling from the European debt crisis. Revenue more than doubled in debt underwriting and fixed-income, currency and commodities trading. "Because client activity remains relatively low in certain areas, especially in parts of Investment Banking, we believe that our mix of businesses gives the firm significant room for revenue growth as economic and market conditions continue to improve," Chief Executive Lloyd Blankfein said in a statement. Goldman also made further cuts to staffing and expenses in what is expected to be the final stretch of an aggressive cost-cutting program that began during the second half of 2011. The bank set aside $4.4 billion for compensation and benefits during the first quarter, down 16 percent from a year earlier. It also reduced its workforce by 900 employees, or 3 percent. (Reporting By Lauren Tara LaCapra; editing by John Wallace) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions