China's Brokerages Earned Less Than Goldman Last Year
China's 114 brokerages earned less than Wall Street bank Goldman Sachs did in 2012, and their combined profit was down 16 percent from a year earlier, industry data showed on Thursday.
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China's brokerage industry made a total profit of 32.9 billion yuan ($5.29 billion) last year, according to the Securities Association of China. Goldman Sachs reported $7.48 billion in 2012 earnings on Wednesday.
Chinese brokerages including CITIC Securities and Haitong Securities suffered from a sluggish stock market that hurt trading commission incomes and investment banking fees.
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Revenue at Chinese brokerages totaled 129.5 billion yuan, including 50.4 billion yuan in trading commissions and 17.7 billion yuan in underwriting fees, the association said, without giving comparative figures.
