But the private equity business lost $130 million in the first half.

Howard has more than 20 years of experience in the private equity business.

"To show the kind of results they had without much in the equity business is very impressive."

Last year, the private equity business reported income before taxes of $1 billion.

Morgan has a broader equity business, but is not strong in technology.

"Our equity business was broken and needed to be fixed," he.

He added: "This happens all the time in the private equity business.

Goldman, on the other hand, has found success by building its hedge fund and private equity business from within.

The firm said its British equities business has been profitable this year.

Because the private equity business continued to thrive, this deal would bring him millions of dollars in annual income.