Surpassing all expectations, New York-based Goldman Sachs has reported a $1.8bn net quarterly profit. In contrast, the previous quarter had seen the firm post its first quarterly loss since going public in 1999. Goldman’s CEO, Lloyd Blankfein (PICTURED) said: "Given the difficult market conditions, we are pleased with this quarter's performance."

The bank also stated it would place $5bn worth of its stock on the market, to raise funds to repay an emergency $10bn loan provided by the US government. Mr Blankfein affirmed he is eager to redeem the $10 billion, telling a conference in Washington sponsored by the Council of Institutional Investors, that the U.S. funds Wall Street firms received wasn’t intended to be “permanent capital. The minute that an institution is allowed to return the money and is capable of returning the money, while still carrying out its obligations and its role in the capital markets effectively, then it should do it that minute,” Blankfein said.

Some analysts are already pointing to the earnings results as an indicator that the worst could be over for finance firms. Experts also believe the figures demonstrate how Goldmans had managed to exploit recent volatile economic conditions, and the less crowded marketplace.