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Goldman to unveil soaring revenues
GOLDMAN Sachs will report a bumper second quarter today, opening the door for the Wall Street firm to reinstate the hefty bonus awards of the past.
Goldman, which kicks off the US banks’ reporting season today, is expected to report revenues of $10.7bn (£6.6bn) for the three months to 30 June, up from $9.4bn in the three months to 30 May last year, due to a change in the firm’s reporting timetable. Net income is set to hit $1.7bn, set against $2bn in the previous year.
Goldman is now free of curbs on remuneration, after repaying $10bn in state aid to the US government. The bank’s total pay pool is predicted to hit nearly $18bn, up from $10.9bn last year.