Goldman Puts $4.7bn In Q1 Staff Comp Pot
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The firm's fixed income, currency and commodities businesses brought in record revenues of $6.5bn in the period, although M&A revenues fell 21%, and Goldman lost $1.41bn in its principal investments unit. Firm CEO Lloyd Blankfein said in a statement that, 'given the difficult market conditions, we are pleased with this quarter's performance'.
Goldman has also set aside around $4.7bn for employee salaries and bonuses (that's around $168,901 per employee, and 35% higher than in the first quarter in the firm's last fiscal-year - a year in which, according to The Wall Street Journal, 963 staff got paid in excess of $1m).
The firm is also to raise $5bn in a stock issue in order to help repay the $10bn TARP borrowing provided by the US government. Bloomberg reports Gary Townsend, President of Hill-Townsend Capital, who said: 'The only toxic thing on their balance sheet is the TARP, and they want to get rid of that as soon as possible'. Goldman's CFO David Viniar said in February that the firm wants to operate without the support of the government, as 'we'd be under less scrutiny, and under less pressure'. The firm will also be able to pay bigger bonuses!
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