Goldman Sachs Group, Inc. (NYSE:GS) surprised Wall Street on Wednesday by posting a huge jump in its fourth-quarter profit as the bank's own investments surged, revenue from debt and equity financing increased and compensation came in lower than expected.
The bank earned $2.89 billion, or $5.60 per share, in the last three months of 2012. Analysts had expected net income of $1.78 billion, or $3.70 per share. Revenue climbed 53 percent to $9.2 billion from $6 billion in the year-earlier period.
Shares surged more than 2 percent in pre-market trading after the strong earnings report.
Mike Obel assigns, edits and writes stories about business, markets, finance and economics. Before coming to International Business Times, he worked on the Finance Desk of...