Tuesday 21 November 2017

Goldman Sachs staff to share €2.7bn

Staff at US investment bank Goldman Sachs are to share $3.8bn in pay and bonuses put by for the third quarter, the group revealed today.

The haul brings the total value of the pot earmarked so far for the first nine months of the year to $13.1bn (€9.48bn), although this is a 21pc decline on a year earlier.

The figures came as Goldman posted net income of $1.7bn in the three months to September 30, up from $453m in the second quarter.

This was down 43pc on a year earlier, but better than expected in the market.

The third quarter staff pay and bonus bill - which includes salaries, estimated performance related payouts and payroll expenses - is broadly flat on the previous three months.

But it does mean Goldman's 34,400 workers are now in line for an average $373,219 each so far this year.

Last month the bank was hit by a £17.5m fine by the UK Financial Services Authority for failing to tell the regulator that trader Fabrice Tourre was under investigation when he took up a job at the bank's London office in 2008.

The New York-based group, considered one of the strongest investment banks, saw trading revenues drop to $6.3bn in the three months to September 30 from $10bn a year earlier.

Goldman historically has had strong revenue from its fixed income, currency and commodities trading business that has exceeded market forecasts.

But the bank said the third quarter figures reflected lower results in each of the division's major businesses, including lower revenues in credit products.

Revenues in its investment banking unit were up, however, from $899m to $1.1bn.

Press Association

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