Goldman Sachs’s Profits Tumble

Most Americans might scoff at the idea of almost a billion in profit constituting a “poor” quarter, but for Goldman Sachs it marks a serious downturn. The bank’s profits dropped from $2.1 billion in the first quarter of 2012 to $962 million in the second. The $962 million is an 11 percent dip from Goldman’s 2011 second-quarter profits. The bank’s head, Lloyd Blankfein, blamed global financial tumult. “During the second quarter, market conditions deteriorated and activity levels for both corporate and investing clients were lower given continued instability in Europe and concerns about global growth," he said.