£4.1bn bonus bonanza for bank staff

Author: By Russell Lynch, Press Association

Compensation and benefits were 47 per cent higher to reflect revenues soaring
to a record 13.8 billion dollars (£8.5 billion) as improving financial
markets buoyed the business.

The bank, which has more than 5,000 staff in the UK, also delivered a 65 per
cent rise in second-quarter profits of 3.44 billion US dollars (£2.1
billion) – well above expectations.

Chief executive Lloyd Blankfein said: “While markets remain fragile and we
recognise the challenges the broader economy faces, our second quarter
results reflected the combination of improving financial market conditions
and a deep and diverse client franchise.”

Goldman Sachs took 10 billion dollars (£6.1 billion) from the US Government’s
bail-out funds at the height of the crisis last October, but repaid the cash
in June.

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