The results for the last quarter for Goldman Sachs and Citibank have surprised not only by coming above expectations, but by doing so in surprising numbers. This of course has cause other topics to emerge, such as the compensation debate that is still ongoing in the US Financial Services industry.
Two major Wall Street banks have reported better-than-expected profits between July and September.
Goldman Sachs’ profits for the period were $3.19bn (£1.96bn), a four-fold increase from the same period in 2008.
It has set aside $5.35bn to cover pay and bonuses for the quarter, an average payout of $172,581 per worker.
Citigroup’s profits also grew, but the much lower figure of $101m reflected the impact of the recession on its High Street banking operation.
Interesting article and graph from the BBC
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019