News Summary: Goldman Sachs earnings surge
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Source: Business News
Originally published: Jan 16, 2013 - 12:34 pm
Originally published: Jan 16, 2013 - 12:34 pm
(AP) - GOOD OLD DAYS: Goldman Sachs went some way to restoring its reputation as a Wall Street powerhouse after reporting that earnings almost tripled in the fourth quarter.
FEWER BANKERS: While revenues surged, driven in part by a jump in bond underwriting, Goldman achieved the profit increase with fewer bankers. The investment bank's headcount was marginally lower last year than in 2011.
A LITTLE BIT MORE: Even though revenue surged, Goldman Sachs was able to keep a tight rein on compensation, its biggest single expense. That's good for shareholders.
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