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Goldman Sachs Quarterly Earnings Rise 33%
By
Jen Chung
Published Jul 14, 2009
Modified Jul 14, 2009
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By
Jen Chung
Published Jul 14, 2009
Modified Jul 14, 2009
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Goldman Sachs, which repaid a $10 billion TARP loan to the U.S. government, announced second quarter profits of $3.44 billion, which beat analysts' expectations. The NY Times says, "The results continue a robust turnaround for the firm since it rode out the final tumultuous months of last year with the aid of a federal rescue... [The bank] said in the first six months of 2009 it had set aside $11.4 billion for compensation and benefits. Analysts said this was up 33 percent from a year earlier and was enough to pay each employee $386,429 for the first half of this year." Bloomberg News notes that the firm is "reverting to a business model analysts deemed irretrievably broken after a crisis of confidence in Wall Street raised borrowing costs and led to the collapse of Lehman Brothers Holdings Inc. While rivals have pared risks, Goldman Sachs has increased them."
Tagged
economy
goldman sachs
profits
tarp
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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