Goldman Sachs announce massive profits

Goldman Sachs announces record profits of $3.19 billion
Goldman Sachs announces record profits of $3.19 billion
 
 

Thursday, 15, Oct 2009 01:09

By Richard James.

US banking giant Goldman Sachs has announced record profits of $3.19 billion (£1.96 billion) for the period of July to September.

The figures represent a significant rise from the $845 billion for the same period last year.

The investment bank reported net revenues of $12.37 billion with the bank's fixed income division responsible for the bulk of the profits, partly due to the sales of government bonds.

The bank confirmed it had set aside $5.35 billion to cover pay and quarterly bonuses.

It means that the bank's 31,000 employees will make an average of $172,581 for the three-month period, Sky News reports.

The profits are better than expected and the argument involving baker's bonuses are set to be reignited despite leading banks signing up to new criteria unveiled at the recent G20 summit.

Earlier this week, JP Morgan announced third quarter profits of $3.6 billion.

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