The Globe and Mail reports in its Wednesday, Oct. 16, edition that Goldman Sachs reported a significant increase in its third quarter earnings on Tuesday, achieving $3-billion in profits (all figures U.S.). A New York Times dispatch to The Globe reports that Goldman attributed its success to the stable economic environment and a financial manoeuver executed by Goldman chief executive officer David Solomon a few weeks prior. In early September, Mr. Solomon publicly expressed concerns about the bank's performance in the third quarter. However, the actual results exceeded expectations. Goldman generated nearly $13-billion in revenue during the third quarter, surpassing projections by over $1-billion. Its $3-billion quarterly profit matched the previous quarter's earnings. Goldman said trading activity, a core aspect of any investment bank, performed better than expected in September, coinciding with the Federal Reserve's announcement of a significant interest rate cut. Although it has been a lacklustre year for mergers and acquisitions, which are crucial for generating fees for investment banks, Goldman expressed optimism, stating that the world is economically trending toward above-average conditions.