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Trading Boosts Goldman Sachs Blowout Quarter
[Photo: Goldman Trading Room, by Stephen Wilkes for Fortune]
Happy Days Are Here Again ....
Goldman Sachs reported a blow-out final quarter of 2016 on Wednesday, nearly quadrupling its profit on huge gains in trading in post-election markets. The bank’s Q4 earnings of $2.35 billion featured a 78% gain in bond, currency, and commodity trading compared to one year ago – vastly exceeding analyst expectations.
Average Goldman Sachs compensation was around $339,000, down about 8% from the same period in 2015. Compare that to 2007, when compensation was at an all-time high average of $569,000.
Up until the final quarter, returns for Goldman Sachs had been poor-to-middling.
“After a challenging first half, the firm performed well for the remainder of the year as the operating environment improved,” Blankfein said in a statement.
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