Lehman Bros, Goldman Sachs post better than expected nos
Published on Wed, Mar 19, 2008 at 08:51 | Source : CNBC-TV18
Updated at Wed, Mar 19, 2008 at 17:39
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Lehman Bros, Goldman Sachs post better than expected nos
Wall Street is cheering better than expected results from banking majors Lehman Brothers and Goldman Sachs. Lehman Bros recorded just a 57% drop in Q1 net income to $489 million, against $1.15 billion a year ago. Goldman Sachs maintained robust profitability in the face of a lending crunch, posting a Q1 profit of USD 1.51 billion.
Lehman Brothers recorded just a 57% drop in first-quarter net income to USD 489 million, against USD 1.15 billion a year ago. The firm has, however, booked subprime-related writeoffs to the tune of USD 1.8 billion dollars.
Goldman Sachs maintained robust profitability in the face of a lending crunch, posting a first-quarter profit of USD 1.51 billion, that's 53% from a year earlier. It also booked additional writeoffs worth USD 2 billion.
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