Goldman Sachs reports earnings of $13.4 billion
January 21st, 2010 - 11:45 pm ICT by Aishwarya BhattNew York, Jan 21 (THAINDIAN NEWS) Goldman Sachs got a huge boost, when it reported its earnings of $13.4 billion and a compensation pool of $16.2 billion for 2009. These results are quite an achievement for the trouble-ridden company. Mainly it was able to make profits from the trading activities, as the share markets have recovered quite a bit, from their earlier red status.
The good results mean that there is almost an average payout of around $498,000 per employee, but the real beneficiaries are going to be the traders and bankers, who are all set to earn millions in year-end bonuses. The average financial package of the employees have also increased and it is up by 37%. Even though the financial packages of the employees have improved significantly, there are still less than what they were before the recession.
“Throughout the year, particularly during the most difficult conditions, Goldman Sachs was an active advisor, market maker and asset manager for our clients,” Lloyd Blankfein, chairman and chief executive of Goldman, said in a statement. “That performance, as well as a recognition of the broader environment, resulted in our lowest ever compensation to net revenues ratio.”
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Tags: asset manager, beneficiaries, chief executive, compensation pool, earnings, goldman sachs, jan 21, lloyd blankfein, profits, recession, share markets, year end