22 Jan 2010

Profits, pay increase at Goldman Sachs

4:19 pm on 22 January 2010

The United States investment bank Goldman Sachs has announced a $US13.39 billion profit for 2009.

Earnings in the last three months of 2009 were $US4.95 billion, compared with a loss in the same period a year earlier.

On the controversial issue of pay, the bank is paying a higher total amount of more than $US16 billion, up 48% compared to a year ago, when annual profits were much lower.

However Goldman says it has cut pay as a percentage of revenue.

Goldman's bonus is in line with large pay packets awarded to bankers at its US rivals, the BBC reports.

Most US banks have paid back their government loans now, and have raised their compensation levels.