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Goldman Sachs to pay out £9.6bn in bonuses despite profits fall
01-19-2011, 05:08 PM,
#1
Goldman Sachs to pay out £9.6bn in bonuses despite profits fall
Quote:The bank reported that profits in the fourth quarter slid to $2.39bn from $4.95bn in the same period in 2009 as, like its Wall Street rivals, Goldman had a tougher time in fixed-income trading.

Revenues from its fixed Income, currencies and commodities division were down 48pc in the quarter to $1.64bn.

The multi-billion pay-and-bonus pool for 2010 was 5pc smaller than last year, as revenue fell 13pc and Goldman hired more staff.

The $15.4bn total for the year is the equivalent of $430,700 (£269,500) for each of the investment bank's 35,700 employees.

Goldman has been working to counter a barrage of public criticism in the two years since the financial crisis. Last week the bank announced an overhaul of how it reports results, alongside what it said will be a greater focus on its clients.

"I’m hugely confident of their ability to make money one way or another,” Benjamin Wallace, an analyst at Grimes & Co. in Westborough, Massachusetts, which manages about $1 billion, told Bloomberg News.

Still, “the big trends which were a help in ‘09 certainly softened a lot in 2010” in trading, he added.

Overall, profits for the year were down 38pc to $8.35bn as revenues fell 13pc to $39.2bn.

The $15.4bn paid to staff was down 5pc from the $16.2bn in 2009.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8269192/Goldman-Sachs-fourth-quarter-profits-slide.html
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