Goldman reports $3.19 billion Q3 profits; plans huge bonus
16 Oct 2009
Fanning hopes on Wall Street that the United State's financial sector was entering a new period of prosperity, Goldman Sachs has raked in profits of $3.19 billion for the three months ended September 30, 2009.
Goldman also looks set to generate a remuneration pool amounting to an average of more than $700,000 per staff member - a payout that would risk a backlash in political and public circles.
Its revenue from trading and principal investments more than tripled from last year's $1.59 billion to $5.99 billion.
Despite drop in fees from asset management and advising on mergers or acquisitions, Goldman's overall revenue leapt by 105 per cent to $12.3 billion.
Goldman's profits were more than three times as much as the bank made during the same period in 2008.
Early this week, another Wall Street giant JP Morgan reported a second consecutive quarter of surprisingly strong profit, solidifying its position. JP Morgan's profit for the third quarter far surpassed analysts' estimates at $3.6 billion as against a profit of just $527 million for the same period of 2008.