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Goldman’s Earnings Impress but Don’t Fully Convince

By Tony Seruga

Goldman Sachs is charting a frustrating path back to the top.

Trading, share buybacks and operating leverage all helped the investment bank earn $2.1 billion in the third quarter, its best showing in a year and a half. The way it beat its cost of capital, though, fails to inspire full confidence.

More than half the $1.3 billion increase in revenue from a year ago came fromfrom from the company’s investing and lending division. Gains on equity investments accounted for most of it. That is fine, as far as it goes. Results in this area fluctuate wildly, however. And new regulations are curbing how large this part of the business can be…

Goldman’s Earnings Impress but Don’t Fully Convince

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