Investment Banks Surprise With Earnings

The market is on an up-beat this morning after a handful of investment banks surprised the street with better then expected earnings.

Goldman Sachs (GS) is up 6.4% right now after reporting a smaller then expected drop in first quarter profit. The investment bank announced earnings fell 52% from a year earlier to $3.23 a share. This beat the expected views of $2.58. For the quarter GS booked $1 Billion in losses on residential mortgage loans.

Lehman Brothers (LEH) is up 15% on topping estimates of 72 cents a share. The company reported 81 cents a share,  a profit drop of 59%.

UBS is up 9.7% after announcing the Chairman took a 90% pay cut for 2007. UBS posted its first annual loss since 1998.