Goldman posts worst quarter since going public

NEW YORK (AP) -- It is the larger of the nation's two remaining major independent investment banks. Goldman Sachs Group has reported its worst slump in profits since going public in 1999.

The world's largest investment bank reported third-quarter profit plunged 71 percent from the year-ago period. Goldman's results reflect continuing damage from the ongoing credit crisis that has already vanquished three of its rivals.

The New York-based investment bank posted a profit of 810 million dollars, or $1.81 per share, after paying preferred dividends.

The results beat Wall Street projections for $1.71 per share, according to analysts polled by Thomson Reuters. Revenue fell short of the 6.23 billion dollars expected by analysts.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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