Goldman Sachs profit beats expectations on equity trading, lending

REUTERS: Goldman Sachs Group Inc reported a better-than-expected quarterly profit on Tuesday as the Wall Street investment bank benefited from higher equity trading and an increase in lending to its wealthy clients and companies.

Revenue fell at three of its four major businesses, with the biggest declines in trading and investment management. "Given the strength of our client franchise, we are well positioned to benefit from a growing global economy," Chief Executive Officer David Solomon said in a statement.While revenue slipped in the quarter, lower compensation expenses provided some relief. Total operating expenses were nearly flat at US$6.12 billion.

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