Goldman Sachs Group Inc. reported a second-quarter profit of $1.05 billion, significantly lower than expectations, as difficult markets led the Wall Street bank to reduce risk taking to the lowest levels in five years.
The per-share earnings of $1.85 were 42 cents below the consensus expectations of analysts, only the fifth profit miss in its 12 years as a publicly traded company.
"Certain of our businesses had disappointing results as we reduced our market risk in response to attempting to manage fluctuations in prices and market liquidity," said Chief Executive Lloyd Blankfein in a statement.
Goldman also disclosed plans to cut about 1,000 jobs as part of its cost-cutting measures, said the firm's chief financial officer David Viniar on the company's conference call to discuss its second-quarter earnings .
The job cuts will be part of the securities firm's plans to reduce its compensation and non-compensation expenses by $1.2 billion of the course of 2011, announced in its second-quarter earnings filing. Read More
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