By Yepoka Yeebo
DNAinfo Reporter/Producer
MANHATTAN - Goldman Sachs' profits dropped nearly 83 percent in one of the investment banking giant's worst quarters since the beginning of the financial crisis, according to figures released on Tuesday.
Goldman Sachs' second quarter net income dropped to $453 million as the company struggled to cope with falling revenue and a record $550 million settlement they agreed to pay last week to put an end to a civil fraud lawsuit from the Securities and Exchange Commission that claimed they lied to investors.
The bank was also hit by $600 million in British taxes on executive bonuses. Goldman's earnings were also affected by unstable markets adding to fears the economy is slowing again.
The results are a blow because Goldman Sachs usually beats expectations, and posted the highest revenue on Wall Street last year, NPR reported.
Goldman Sachs stock fell sharply after the figures were released, but soon recovered by 39 cents to $146.07.
