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Goldman Sachs Group Inc on Tuesday blew past analysts’ estimates for second-quarter profit as Wall Street’s biggest investment bank capitalized on record global dealmaking activity.

Global mergers and acquisitions activity broke records for the second consecutive quarter this year despite slowing activity among blank-check firms as companies borrowed cheaply and splurged their cash reserves on deals to reposition them for the post-COVID world.

Deals worth $1.5 trillion were announced in the three months to June 30, more than any second quarter on record and up 13% from the record first quarter of the year, according to Refinitiv data.

Goldman comfortably held on to its top ranking on the league tables for worldwide M&A advisory, according to Refinitiv. The league tables rank financial services firms on the amount of M&A fees they generate.

Overall financial advisory revenue surged 83%, while equity underwriting…

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