Goldman Sachs Group Inc. shares rose Tuesday as it beat lowered profit expectations for the third quarter, while confirming plans to reorganize into three business units in a move to emphasize its fee income.
“Against the backdrop of uncertainty and volatility in the markets, we continue to prudently manage our resources and remain focused on risk management as we serve our clients,” CEO David Solomon said.Among the key numbers for Goldman, the company reported firmwide headcount of 49,100, up from 43,000 in the year-ago quarter and 47,000 in the second quarter.
The bank’s consumer and wealth management business reported revenue of $2.38 billion, a record, and up 18%. Global markets revenue rose 11% to $6.2 billion, reflecting higher net revenue in fixed income and commodities while net revenue in equities trading dropped 14% to $2.68 billion.