Goldman Sachs Q2 earnings slump on legal costs

Industries Associated Press

Goldman Sachs says its second-quarter profit slumped by half on legal costs.

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Net income fell to $916 million from $1.95 billion a year earlier, the bank said Thursday. That was after paying dividends on preferred stock.

On a per-share basis, quarterly earnings were $1.98. The cost of provisions for "mortgage-related litigation and regulatory matters," crimped earnings per share by $2.77.

Revenue decreased 1 percent to $9.07 billion from $9.13 billion. That was better than the $8.74 billion analysts had expected, according to the data provider FactSet.

Goldman's stock fell $1.96, or 0.9 percent, to $211 in premarket trading.