20 Jan 2011

Lower income reported by Goldman Sachs

6:31 am on 20 January 2011

Investment bank Goldman Sachs has reported net income of $US2.39 billion for the fourth quarter of 2010, down 53% from a year ago.

The BBC reports the result was expected, following weak numbers from Citigroup on Tuesday.

As at Citigroup, the bank's performance was dragged down by weak business at its bonds, currency and commodities trading division.

Total profits for the year as a whole were $US8.4 billion, down 38% on 2009.

Its share price fell 2.7% in early trading on the New York Stock Exchange on Wednesday.

The bank paid $US15.4 billion in "compensation and benefits" according to its financial statement.