$1.8B Goldman Sachs Profit Shocks Wall St.

Bank plans $5B stock offering to start repaying TARP loan
By Harry Kimball,  Newser Staff
Posted Apr 13, 2009 5:12 PM CDT
$1.8B Goldman Sachs Profit Shocks Wall St.
A man walks out of Goldman Sachs headquarters.   (AP Photo)

Goldman Sachs shocked analysts today by announcing a $1.81 billion profit for the first quarter of 2009, the Wall Street Journal reports. “Given the difficult market conditions, we are pleased,” CEO Lloyd Blankfein said. Goldman also announced plans for a $5 billion stock offering that would help the company repay a $10 billion TARP loan if federal regulators allow them.

Goldman recovered from a dismal last quarter with today's results, which overcame losses in investment banking and asset management with more than $13 billion from fixed income business, trading, and principal investment revenue, Fortune reports. Goldman shares, which have been surging, dipped slightly in after-hours trading but rose about 4.7% on the day. (More Goldman Sachs stories.)

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