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Goldman Sachs post spectacular profits

Goldman Sachs weathered the storm of the credit crisis with spectacular results after it published its third-quarter figures.

Profits at Goldman Sachs soared 79 per cent to $2.9 billion mainly due to the fixed-income trading conditions.

The securities firm saw a 71 per cent rise in sales from fixed-income, currencies and commodities to a total of $4.9 billion, this was partly due to a $900 million gain from the sale of Horizon Wind Energy, the power company.

Mark Batty, an analyst at PNC Wealth Management, told City AM newspaper: "Goldman had a stellar performance, no question about it."

As well suffering on its mortgage and loan books, it was shorting mortgages and making gains on its positions.

David Viniar, chief executive of Goldman Sachs, told the Telegraph: "There are certainly going to be opportunities to buy distressed assets. Timing is going to be very important, and it is something we are certainly looking at right now."