Goldman Sachs, Financial Institution | featured news

The U.S. Justice Department said it will not pursue criminal charges against Goldman Sachs Group Inc or its employees related to accusations that the firm bet against the same subprime mortgage securities it was selling to clients.

Goldman Sachs says its net income fell 11 percent in the April-to-June period after the investment bank's clients made fewer deals and avoided volatility in global financial markets. The New York bank said its net income fell to $962 million, or $1.78 per share, for the quarter. That compares with $1.09 billion, or $1.85 per share, a year ago. It's also far more than the $1.17 per share that analysts were expecting.

Goldman Sachs Group Inc reported higher-than-expected quarterly earnings thanks to aggressive cost-cutting and strong investment banking and trading revenues, and the Wall Street bank raised its dividend.

An executive resigning from the investment bank Goldman Sachs says other executives there referred to clients as "muppets." Greg Smith wrote a blistering essay about the company that was published Wednesday in The New York Times.

Edward C. Forst, co-head of asset management, is retiring — the highest-ranking executive to leave the firm in recent months.

The Wall Street firm run by former Goldman Sachs Chairman and New Jersey Gov. Jon Corzine filed for bankruptcy Monday morning, making it the first big American casualty of the European debt crisis.

Goldman Sachs Group Inc. dished out 47 percent more in pay and bonuses to its employees in 2009 versus the previous year.