Mutual appreciation

18 Jan 2017 By Antony Currie Follow @AntonyMCurrie

The president-elect hired the bank’s president, Gary Cohn, and impact-investing head Dina Powell. The Q4 trading boost after Trump’s election boosted Goldman’s earnings and bonus pool. Fold in layoffs and the average Goldmanite will barely notice the firm’s 9 pct revenue drop.

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Goldman Sachs on Jan. 18 reported fourth-quarter 2016 net income of $2.35 billion and revenue of $8.2 billion. At $5.08 a share, earnings beat the consensus estimate of sell-side analysts of $4.82 a share. Expected revenue was $7.7 billion. Annualized return on equity for the fourth quarter was 11.4 percent.

Goldman set aside $11.6 billion to cover compensation and benefits in 2016, 8 percent less than in 2015. The firm ended the year with 34,400 employees, 2,400 fewer than at the end of 2015.

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