Published On: Thu, Jul 16th, 2015

Goldman Profit Drops on Fixed Income, Surge in Litigation Costs

Net income decreased to $1.05 billion, or $1.98 a share, from $2.04 billion, or $4.10, a year earlierץ

Goldman Sachs Group Inc. profit tumbled 49 percent as fixed-income trading revenue dropped more than rivals and litigation costs rose fivefold. Shares of the company fell about 1 percent.

Net income decreased to $1.05 billion, or $1.98 a share, from $2.04 billion, or $4.10, a year earlier, the New York-based company said Thursday in a statement. Excluding the $1.45 billion legal expense, earnings were $4.75 a share, beating the $3.96 average estimate of 24 analysts in a Bloomberg survey.

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