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Goldman Sachs ups profits while cutting staff

You can take this to the bank!

By Canaccord Genuity Morning Coffee

January 17, 2013 • Reprints

Goldman Sachs posted a better than expected Q4 profit on improved trading and banking revenue, coupled with a reduction in compensation. The bank set aside 37.9% of its 2012 revenue for compensation, the second lowest portion since going public in 1999.

Revenue was up across each of Goldman’s business lines, from investment banking to investment management. Overall, revenue increased by 53% to $9.2 billion. Earnings were $2.8 billion, or $5.60 per share, up from $978 million or $1.84 per share a year earlier. Analysts were expecting earnings of $3.78 per share.

The bank continued to cut staff during the fourth quarter, with 200 fewer workers. In 2012 it reduced its workforce by 3%, which led to an increase in pay per employee. On average, Goldman employees earned $399,506 apiece in 2012, up from $367,057 in 2011.

Goldman Sachs (GS : NYSE : US$141.09), Net Change: 5.50, % Change: 4.06%, Volume: 10,647,568

About the Author

Canaccord Genuity Inc. is a global investment banking and institutional brokerage firm. Their website is www.canaccordgenuity.com.

For disclosures of any equities mentioned here please see: http://www.canaccordgenuity.com/en/ODD/pages/disclosures.aspx.

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Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
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    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
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    • Alpha Pages Most Popular
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    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
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      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
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    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
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