Goldman Sachs' Profit Nearly Doubles But Wells Fargo Down 50%
Goldman Sachs' Hot Streak
The Wall Street Journal reports Goldman’s Pandemic Hot Streak Continues in Third Quarter
- Goldman’s quarterly profit of $3.62 billion on revenue of $10.78 billion was better than stock analysts had forecast and sharply higher from a year ago.
- Bank of America Profit Falls 16%
- Wells Fargo Earnings Drop 56% Despite Pandemic Hit Subsiding
- JPMorgan’s James Dimon on Tuesday said the country was still at risk of a double-dip recession, which could cost his bank an additional $20 billion in loan losses.
Goldman has had a notably profitable pandemic. With a smaller lending book—about $112 billion to JPMorgan’s nearly $1 trillion—it is less exposed to defaults. And it is more heavily geared toward trading, which picked up this year as investors scrambled to reset their portfolios for a prolonged period of low interest rates and heightened economic risk.
Goldman Sachs still does God's Work.
For those unfamiliar with the simple explanation please consider God's Work and Goldman's Prayer
While acknowledging the role of banks in the financial meltdown [of 2007-2009], the CEO of Goldman Sachs said recently he believes his company is doing "God's work."
My Version of "Lloyd's Prayer"
Our chairman who art at Goldman
Blankfein be thy name
Thy rally’s come, God’s work be done
In the Dow as it is in the Nasdaq
Give us this day our daily gain
And forgive us our front-running, as we punish those who frontrun against us
And bring us not under indictment
But deliver us from regulators
For thine is the cashflow, and the power, and the bonuses, forever and ever. Amen