Goldman Sachs profit falls 2% as trading revenue drops

Source : REUTERS
Last Updated: Thu, Oct 17, 2013 12:09 hrs
A Goldman Sachs sign is seen above their booth on the floor of the New York Stock Exchange

Goldman Sachs Group Inc's quarterly profit fell 2 percent as weak bond-trading volumes hit revenue in the Wall Street bank's biggest business.

The fifth-largest U.S. bank by assets reported a third-quarter profit of $1.43 billion, or $2.88 per share. This compared with a profit of $1.46 billion, or $2.85 per share, a year earlier.

Goldman increased its quarterly dividend to 55 cents per share from 50.

Fixed-income trading was muted for several weeks leading up to the Federal Reserve's meeting in mid-September amid speculation that the central bank was about to start winding down its bond-buying stimulus program.

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