American investment bank Goldman Sachs has posted better than expected first quarter profits of $3.46bn (£2.25bn), almost double what it made in the first quarter of last year.
The bank released its results today amid accusations from the US regulator the SEC (Securities and Exchange Commission) that it defrauded clients through the marketing of a debt product that was tied to sub-prime mortgages. Its net earnings of $3.46bn dwarf the $1.8bn figure it posted for the same period in 2009. Revenue totalled $12.8bn, an increase of 36% from the previous year. The bank also paid staff bonuses totaling $5.5bn. The figures beat analysts' expectations and caused Goldman's share price to rise almost 1% in early trading. The Financial Services Authority (FSA) has an...
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