Goldman Sachs remains top dog with 7 per cent rise in net earnings
The world's top investment bank has maintained its status as Wall Street's darling. Goldman Sachs cruised past analysts' forecasts to post net earnings of $2.26bn (£1.5bn), a 7 per cent rise, and set aside $4.34bn to pay its bankers during the first three months of 2013.
That makes the average pay shared by its 32,000 staff for just three months work at the bank $135,625 – though the leading bankers and traders will pocket far more than that.
Goldman said its compensation ratio fell slightly compared with the first quarter of 2012, with 43 per cent of revenues paid out to staff this time, compared with 44 per cent then.
The investment banking division raked in $1.57bn during the period, up 36 per cent, but Goldman's biggest earner has long been its trading activities.
The driver for the barnstorming first quarter was its Investing & Lending division, which generated $2.07bn.
Investing & Lending covers what the bank does with its own money, and highlights included a $24m gain from investing in Industrial & Commercial Bank of China plus a further $1.1bn from other investments in shares and private equity. However, concerns were expressed at the 10 per cent fall in revenues from client trading, or Institutional Client Services, the firm's biggest moneymaker, which pulled in $5.14bn.
Analysts have frequently complained that trying to predict the firm's earnings is difficult as it provides limited information.
Lloyd Blankfein, paid $21m last year as chief executive, said the bank was pleased with its performance but warned that the potential for "macro-economic instability" was felt during the quarter.
And the bank may not have as many deals lined up for the second quarter as it did for the first.
- 1 As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
- 2 The ten most unequal developed countries in the world
- 3 Saudi Arabia 'seeking to head United Nations Human Rights Council'
- 4 New Zealand 'the best country to work as a prostitute', says sex worker advocacy group
- 5 Irish people are travelling home from all over the world so they can vote to legalise gay marriage
JK Rowling horrified by Harry Potter actor Matthew Lewis's raunchy photoshoot
Saudi Arabia 'seeking to head United Nations Human Rights Council'
The ten most unequal developed countries in the world
The biggest ranch in America, larger than the whole of London, has gone on sale for $725m
Melissa McCarthy's brilliant response to one sexist question posed to her on the red carpet by a male reporter
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
The day that Britain resigned as a global power
Labour leadership: Battle lines are drawn as members battle over party's ideology at first hustings of the contest
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...