Goldman Sachs leads the way

NEW YORK - Goldman Sachs has already made more in 2006 than any Wall Street rival has managed in a year.

At almost US$6.4 billion ($9.98 billion), net earnings during the nine months to the end of August exceeded the US$5.6 billion the bank made throughout 2005, itself a record year.

Despite the lull between June and August, Goldman underscored its position as the leading adviser on mergers, acquisitions and equity underwriting. During this time, it advised the steel-maker Mittal Steel on its US$44 billion acquisition of Luxembourg-based rival Arcelor and several big private equity deals.

Net revenues of US$1.29 billion from investment banking in the third quarter were 27 per cent higher than the same period last year.

Chairman and chief executive Lloyd Blankfein accepted the United States economy had slowed but said the global economy was doing better and companies still had a healthy appetite for deals. "Markets are showing more hesitancy than the companies."

- INDEPENDENT