Friday, January 22nd, 2010
Former Federal Reserve chief Paul Volcker overshadowed Goldman Sachs’ biggest-ever profit.
Based Goldman Sachs posted a gaudy fourth-quarter profit of nearly $5 billion. That number beat the Wall Street analyst consensus estimate by more than $3 a share, thanks to an unusual reduction in employee compensation that handed shareholders a $3 billion after-tax bonus.
But investors weren’t cheering. They were too busy fretting over the big banks’ profit outlook in the face of a growing bonus backlash now seemingly joined by the White House. (more…)
Tags: goldman sachs earnings, goldman sachs earnings release, paul volcker whack goldman sachs
Posted in Business & Services, Credit, Crimes, Financial, General, News, Story | 5 Comments »
Friday, January 22nd, 2010
Goldman Sachs earns $4.79B
Goldman Sachs Group Inc. said Thursday it earned $4.79 billion in the fourth quarter — a windfall that came in part from slashing its compensation ratio in response to political pressure over lavish Wall Street bonuses.
The company rewarded employees with $16.2 billion in salaries and bonuses for 2009. That’s up 47 percent from the previous year but much lower than many had expected. In all, compensation accounted for 36 percent of Goldman’s $45.17 billion in 2009 revenue, the lowest annual ratio since the company went public in 1999. In 2008, Goldman set aside 48 percent of its revenue to pay employees. (more…)
Tags: goldman sachs bank, goldman sachs bank earning, goldman sachs earnings, goldman sachs earnings release, goog, google investor relations
Posted in Business & Services, Financial, Marketing, News | 3 Comments »
