Goldman Sachs (NYSE:GS) has proved once again why they’re the top investment bank in the world, as every trading day in the last quarter they generated a profit, something they had never done before.
The metric used was where performance was at the end of each trading day, where the company didn’t make anything less than $25 million a day during the the last quarter.
In a regulatory filing, the investment banking giant said 35 of those trading days during the quarter generated over $100 million.
Some are already attempting to make it look like it’s unfair, but that’s ludicrous. It’s excellence which drives and results in the performance of Goldman, and nothing else.
Goldman is known for its high standards and expectations for its people, and that’s why they outperform their competitors, not because of a mythical element which gives them an alleged advantage.
In the filing, Goldman also said profits will be under pressure in the near term as costs of litigation mount from a number of lawsuits they’re currently fighting.
In the case of the dubious case brought by the SEC concerning alleged fraud, it could cost them up to $5 billion if they decide to settle in order to get rid of it.
Goldman added that it wouldn’t be material to their overall business, but it could cut significantly into earnings. Costs for legal expenses alone were at close to $500 million in 2009, and that could increase, along with any settlement or rulings against them, depending on how they decide to go forward with them.