Goldman Sachs Posts $3 Billion Quarterly Earnings

Goldman Sachs announced Thursday that its quarterly earnings nearly quadrupled from a year ago. The Wall Street bank said it made about $3 billion in the third quarter. Goldman has emerged as one of the winners from the financial crisis. Not so for Citigroup, which told shareholders Thursday that it lost more than $3 billion last quarter.

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RENEE MONTAGNE, host:

More megabank profit. That's at the top of NPR's business news.

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MONTAGNE: Goldman Sachs announced that its quarterly earnings nearly quadrupled from a year ago. Today, the Wall Street bank said it made about $3 billion in the third quarter, largely from trading or betting on bonds, currency and commodity markets. Goldman has emerged as one of the winners from the financial crises. That's not the case for Citigroup. Today, that giant bank told shareholders that they, the shareholders, had lost more than $3 billion last quarter. Citi also made money from trading, as did Goldman, but at Citi, the gains were overwhelmed by much bigger losses from lending.

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