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Goldman Sach's $1.94 Billion Profit Is Almost Enough Money
By
Christopher Robbins
Published Jul 16, 2013
Modified Jul 16, 2013
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By
Christopher Robbins
Published Jul 16, 2013
Modified Jul 16, 2013
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Goldman Sachs made $1.93 billion in the second quarter of 2013 [PDF], doubling its profits from a year ago. “The firm’s performance was solid especially in the context of mixed economic sentiment during the quarter,” CEO Lloyd Blankfein said in a statement. "Solid" is about right—it's not like they made $3.44 billion in a quarter (2009) or $4.9 billion (2010) or heck, even $2.26 billion (2013). Keep striving, guys, you'll make enough money some day—just not today.
So far in 2013, Goldman has allocated a smidge over $8 billion to pay their 31,700 employees, which works out to $252,366 apiece, but that's just an average. Blankfein made $21 million in total compensation last year [PDF].
All of this wealth generation is justified because the bank engages in the equivalent of putting a dollar bill in both the jars labeled "True Love" and "Sex" on the coffee shop counter, by donating 3.9% of their profits to charity last year. It's called corporate responsibility, you should try it some time.
Tagged
banks
corporate responsibility
goldman sachs
money
not enough money
profits
slackers
Christopher Robbins
Christopher Robbins is a New York City reporter covering transportation, affordable housing, local politics, and criminal justice. His work has also appeared in New York Magazine, The Village Voice and The New York Times. Chris is a graduate of Patrick Henry High School in Roanoke, Virginia, and enjoys biking to Fort Tilden in the summertime.
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