REUTERS: Goldman Sachs Group Inc reported a higher-than-expected quarterly profit on Tuesday as the Wall Street investment bank benefited from higher equities trading revenues and an increase in lending to companies and wealthy clients.
However, Goldman's fixed income business suffered another disappointing quarter with net revenue falling by 13 percent. The bank said that reflected significantly lower net revenue from interest rate products and currencies. Like its rivals, the bank faces a challenge to increase revenue in the face of rising geopolitical uncertainties and concerns about the impact of future interest rate cuts by the U.S. Federal Reserve.Institutional client revenue, which includes trading, slipped 3per cent, while investment banking revenue was down 9per cent. However, revenue from the bank's investing and lending business rose 16per cent, its highest quarterly performance in eight years.
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