Goldman Slashed ?
CNN Money reports that Goldman Sachs reported earnings and revenue for the third quarter that missed forecasts. Revenue from bond, currency and commodities trading plunged 33% from a year ago.
CEO Lloyd Blankfein blamed the poor results on investor concerns about the world's economy.
'We experienced lower levels of activity and declining asset prices during the quarter, reflecting renewed concerns about global economic growth', he said during a statement.
The market turmoil is taking its toll on how much the bank employees are taking home too. Goldman slashed the amount of its compensation expenses by 16% from a year ago - and it comes even though Goldman has been on a hiring binge. Headcount increased 10% from the same period last year.
Still, compensation expenses for the first nine months of the year are down just 1% from last year. Average compensation per employee for the first three quarters works out to about $288,000.
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