Goldman is considered to be in a better position than larger commercial banks to weather at least this leg of the crisis. Without a big mortgage or credit-card business, it is less exposed to an increase in unemployment or ultralow interest rates.
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Goldman’s Traders, Bankers Keep Profit Steady While Rivals Falter
Quarterly revenue was the second-highest on record at $13.3 billion, a sign that Goldman—with a smaller lending footprint than giant commercial banks—weathered this leg of the storm in better shape than rivals. The bank set aside $1.6 billion for loan losses, sharply higher than in the first quarter, which included only a few weeks of the virus’s toll.
