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Two more big American banks posted results Tuesday that breeze past Wall Street's targets.
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Goldman Sachs.
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Quarterly profit more than doubled to $4.4 billion crushing analysts estimates.
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Goldman did so well it completely absorbed the $3 billion hit to its annual profits stemming from the settlement with regulators over its role in Malaysia's IMDb corruption scandal, in which U.
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S authorities say about $4.5 billion was siphoned from a Malaysian sovereign wealth fund founded in 2009 by then Malaysian Prime Minister Najib Razak.
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In its latest quarter, Goldman got a boost from the fees it earned for underwriting high profile I pose like Airbnb and Door Dash that lifted its investment banking revenue 27%.
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Like other Wall Street banks, it's trading.
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Revenue also soared as financial market volumes remained high Strengthen The trading business also bolstered Bank of America Ah 7% revenue increase at its sales and trading unit offset a drop in revenue in consumer banking that was partly caused by lower interest rates.
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Bank of America's profit dropped, but it was bigger than what analysts had forecast.
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The second largest U.
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S bank is seen as an economic bellwether.
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In a sign of confidence in the economic recovery, the bank released $828 million from its credit reserves.
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Its board also approved a $3.2 billion a share buyback program.
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Shares of B of and Goldman fell in early trading Tuesday.