Profits double at Goldman Sachs

<p>Goldman Sachs is the latest US bank to announce rising profits.</p>

Another US bank has announced a rise in its profits, with Goldman Sachs confirming it has doubled the amount it made in the second quarter of the year.

Despite the ongoing testing financial conditions, the bank revealed that it made $1.9 billion (£1.2 billion) in the three months to the end of June.

This was a rise from the figure of $927 million that was recorded by the bank during the same period last year.

Employee pay accrued during the period was also shown to be up for the quarter, after it was found to have increased by a quarter to $3.7 billion.

Impressive returns on its own investments in shares and debts were among the top reasons for Goldman Sachs being able to enjoy such a strong second quarter of the year.

Citigroup, Wells Fargo and JP Morgan have all announced their profits rose in Q2 2013 in the last few weeks, providing a positive sign for the state of the economic recovery in the US.

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