Frank Ali started working at age ten in the San Juan market, selling celery from a little cardboard box at two for $1 to help pay for his schooling.
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Morgan Stanley’s profits jump, but Goldman Sachs’ fall
US banking giants Goldman Sachs and Morgan Stanley have reported contrasting results for the first quarter of the year. Goldman Sachs’ net earnings fell to US$2.03 billion from US$2.26 billion after a drop in revenues from its bonds, currency and trading business. However, Morgan Stanley’s profit rose to US$1.45 billion, compared with US$981 million a year ago. Revenues rose in all of its three business segments.
Goldman Sachs makes most of its money from trading and investing in capital markets. In the first quarter, its revenue from fixed income, currency and commodities trading fell 11 per cent to US$2.85 billion compared with a year earlier. “We are generally pleased with our performance for the quarter, given the operating environment,” said the bank’s chief executive, Lloyd Blankfein.
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