Goldman Sachs announce massive profits
Goldman Sachs announce massive profits
Thursday 15th October 2009
US banking giant Goldman Sachs has announced record profits of $3.19 billion (£1.96 billion) for the period of July to September.The figures represent a significant rise from the $845 billion for the same period last year.
The investment bank reported net revenues of $12.37 billion with the bank's fixed income division responsible for the bulk of the profits, partly due to the sales of government bonds.
The bank confirmed it had set aside $5.35 billion to cover pay and quarterly bonuses.
It means that the bank's 31,000 employees will make an average of $172,581 for the three-month period, Sky News reports.
The profits are better than expected and the argument involving baker's bonuses are set to be reignited despite leading banks signing up to new criteria unveiled at the recent G20 summit.
Earlier this week, JP Morgan announced third quarter profits of $3.6 billion.
Related News
FTSE 100 steady as Dow passes 10,000 - 15/10/09
The FTSE 100 was down slightly in early morning trading on Thursday
The FTSE 100 was down slightly in early morning trading on Thursday
FTSE 100 continues to climb - 14/10/09
The FTSE 100 continued recent gains on Wednesday reaching its highest level since September 2008
The FTSE 100 continued recent gains on Wednesday reaching its highest level since September 2008
Britain 'still not out of recession' - 14/10/09
Suggestions Britain emerged from recession in the third quarter of this year have been questioned by a leading business group
Suggestions Britain emerged from recession in the third quarter of this year have been questioned by a leading business group
News Article Search
Quick Apply
News Archive