Goldman Sachs Q1 profit up 91%
by Gill Montia
Story link: Goldman Sachs Q1 profit up 91%
Goldman Sachs has posted net profit of $3.46 billion for the first three months of 2010, representing a 91% increase on the same period of 2009.
The group’s revenues rose 36% on a year earlier, to $12.8 billion.
However, profit fell short of the $4.9 billion recorded by the Wall Street bank in the final three months of 2009.
The bank says it has allocated 43% of net revenues for remuneration costs, less than last year.
The results were ahead of analysts’ expectations but are unlikely to ease the uncertainties that surround the world’s most prestigious investment bank as it faces fraud charges from the US Securities and Exchange Commission, and a formal enforcement investigation of its UK operations by the Financial Services Authority.