At the other end of the financial spectrum, Goldman Sachs posted a 70 percent drop in net income in the third quarter, but managed to beat Wall Street forecasts. Shares fell 10 percent in early trade, but recovered more than half the loss by midmorning.
"As soon as global growth picks up, our business will as well across the board," CFO David Viniar told reporters in a conference call.
The bank is still making money, however, just not anywhere close to the sort investors normally expect from the world's best investment bank (though to be fair right now that's a bit like being the world's fastest turtle...). Goldman also denied rumors it's in the market for a commercial bank.
Goldman's report calmed fears that it, too, would fall victim to the problems facing Lehman Bros.
Start the discussion! Be the first to comment on this story.