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Goldman Sachs First-quarter Earnings
Goldman Sachs bankers and shareholders rewards grow as the first-quarter earnings are published. Profits after tax were $2.1 billion (£1.3 billion) - more than double what they were in the preceding quarter but still 23% down year-on-year.
Lloyd Blankfein, chairman and chief executive suggested things could continue to improve: "Because client activity remains relatively low in certain areas, especially investment banking, we believe our mix of businesses gives the firm significant room for revenue growth." Average pay for Goldman's 32,400 staff - more than 5000 of whom work in London - in the latest three months was $135,000 which is a massive increase on the $66,000 average pay in the final quarter of 2011. It was $148,000 a year earlier.
Shareholders - among whom many are Goldman employees - get a 17% hike in the dividend to 41 cents per share.
Author: Darren Revell