US Banks Profits Beat Forecasts

The results for the last quarter for Goldman Sachs and Citibank have surprised not only by coming above expectations, but by doing so in surprising numbers. This of course has cause other topics to emerge, such as the compensation debate that is still ongoing in the US Financial Services industry.

Two major Wall Street banks have reported better-than-expected profits between July and September.

Goldman Sachs’ profits for the period were $3.19bn (£1.96bn), a four-fold increase from the same period in 2008.

It has set aside $5.35bn to cover pay and bonuses for the quarter, an average payout of $172,581 per worker.

Citigroup’s profits also grew, but the much lower figure of $101m reflected the impact of the recession on its High Street banking operation.

Interesting article and graph from the BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza