SEVERE WX : Special Weather Statement View Alerts

The average Goldman Sachs worker made $110,000 in three months

Wall Street is alive and well.Goldman Sachs reported a $2.8 billion profit for the first quarter Tuesday, topp...

Posted: Apr 17, 2018 4:51 PM
Updated: Apr 17, 2018 4:51 PM

Wall Street is alive and well.

Goldman Sachs reported a $2.8 billion profit for the first quarter Tuesday, topping forecasts. And workers at the investment bank were rewarded handsomely.

Compensation expenses - a number often referred to as the bonus pool, even though it includes salaries and other benefits - rose 25% from a year ago to $4.1 billion. The company has 37,300 employees worldwide.

That means the average Goldman worker was paid more than $110,000 during the three months, up from an average of $96,500 a year ago.

Nice work if you can get it. In fairness to Goldman Sachs, though, the company can justify paying more because business is booming.

Revenue rose 25% in the quarter thanks to increases in stock and bond trading activity, a boost in lending and healthy demand for initial public offerings.

Goldman Sachs was one of the lead underwriters for several hot tech IPOs, including Dropbox and the cybersecurity company Zscaler. Investment banks get paid a nice fee to help take companies public.

Shares of Goldman Sachs were flat in early trading Tuesday despite the solid earnings report.

The bank is the latest mega-financial firm to report solid results. JPMorgan Chase and Citigroup each topped forecasts on Friday, and Bank of America posted its biggest profit ever Monday.

Related: Wall Street bonuses soared to near-record levels

Goldman Sachs CEO Lloyd Blankfein expressed optimism, saying in the company's earnings release that "the global economy continues to show strength." That was worth noting in part because Blankfein has often criticized President Trump's protectionist economic policies.

But the healthy US economy, combined with a rebound in Europe and a resilient China, may pave the way for Blankfein to eventually go out on top as CEO.

Goldman Sachs recently named longtime executive David Solomon as the firm's sole president. Solomon had been co-president with Harvey Schwarz, who announced his retirement last month.

Wall Street seems to think the boardroom shuffles will pave the way for Solomon to take over one day. The Wall Street Journal reported last month that Blankfein was getting ready to retire within a year.

Blankfein shot down the rumors, though, tweeting that he felt "like Huck Finn listening to his own eulogy."

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 480845

Reported Deaths: 6511
CountyCasesDeaths
Hennepin997381576
Ramsey42744796
Dakota35818383
Anoka33010383
Washington21862253
Stearns18683200
St. Louis14655262
Scott13119107
Wright12414114
Olmsted1170088
Sherburne866373
Carver756340
Clay683686
Rice664291
Blue Earth587235
Kandiyohi576674
Crow Wing514780
Chisago493644
Otter Tail479470
Benton441390
Winona414248
Mower400231
Douglas390768
Nobles385347
Goodhue383368
Polk341062
McLeod336349
Beltrami335350
Morrison321846
Lyon311543
Itasca308545
Becker307841
Isanti303453
Carlton298544
Steele297611
Pine280616
Freeborn276823
Nicollet252341
Todd244030
Brown240737
Le Sueur230520
Mille Lacs225747
Cass218124
Waseca206917
Meeker205534
Martin186728
Wabasha18543
Roseau178317
Hubbard159740
Houston156414
Dodge15124
Renville147340
Redwood146327
Fillmore13648
Chippewa135735
Cottonwood133520
Wadena128120
Pennington127016
Faribault121716
Aitkin117833
Sibley116410
Rock115513
Watonwan11518
Kanabec106719
Pipestone100724
Yellow Medicine97617
Murray9418
Jackson92510
Swift87218
Pope7885
Marshall76815
Stevens7378
Lake72617
Clearwater71514
Lac qui Parle68216
Wilkin66510
Koochiching61711
Big Stone5123
Lincoln5032
Grant4888
Norman4648
Mahnomen4377
Unassigned43668
Kittson40721
Red Lake3544
Traverse3015
Lake of the Woods2131
Cook1190

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 359747

Reported Deaths: 5357
CountyCasesDeaths
Polk57625545
Linn20536311
Scott18203205
Black Hawk16187286
Woodbury14875211
Johnson1374173
Dubuque13480194
Dallas1123790
Pottawattamie10716140
Story1012945
Warren550271
Clinton540783
Cerro Gordo531080
Webster515686
Marshall493772
Sioux491568
Buena Vista469736
Des Moines455059
Muscatine446789
Wapello4261107
Jasper406865
Plymouth393377
Lee373551
Marion356969
Jones293854
Henry292535
Carroll284048
Bremer276554
Crawford272035
Boone258230
Washington253145
Benton250454
Mahaska223145
Jackson220438
Dickinson216338
Tama211564
Kossuth206954
Clay192925
Hamilton191641
Delaware188539
Winneshiek186926
Fayette184033
Buchanan183630
Page181619
Hardin179638
Wright179131
Harrison178969
Cedar175522
Clayton168153
Butler165731
Floyd162439
Mills162420
Cherokee153535
Madison153418
Poweshiek153429
Hancock146529
Lyon145441
Iowa143823
Allamakee143644
Appanoose138447
Grundy138230
Jefferson137532
Winnebago137530
Calhoun133010
Cass132448
Mitchell130040
Louisa127941
Union125931
Chickasaw124613
Sac123718
Emmet120740
Shelby119933
Franklin118319
Humboldt116725
Guthrie116028
Montgomery104036
Palo Alto103921
Howard102421
Clarke99220
Keokuk97529
Unassigned9300
Monroe92628
Adair91626
Ida90732
Pocahontas85419
Davis82223
Monona81525
Greene76610
Lucas73121
Osceola70014
Worth6907
Taylor66312
Fremont5869
Decatur5729
Van Buren55818
Ringgold51416
Wayne48621
Audubon4839
Adams3244
Rochester/St. Mary'S
Clear
26° wxIcon
Hi: 33° Lo: 22°
Feels Like: 19°
Mason City
Cloudy
27° wxIcon
Hi: 31° Lo: 21°
Feels Like: 19°
Albert Lea
Cloudy
27° wxIcon
Hi: 32° Lo: 17°
Feels Like: 18°
Austin
Partly Cloudy
25° wxIcon
Hi: 33° Lo: 16°
Feels Like: 16°
Charles City
Cloudy
25° wxIcon
Hi: 34° Lo: 19°
Feels Like: 19°
Minor snow chances into the weekend
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Aaron's Thursday Evening Forecast

Image

Johnson & Johnson vaccine will be reviewed tomorrow

Image

Minnesota announces new vaccine timeline

Image

Assisted Living allowing visitors

Image

Iowa Vaccine rollout timeline

Image

Catalytic Converter Thefts Continue

Image

Community Kitchen Serves More Meals During The Pandemic

Image

MercyOne North Iowa Wait List For Vaccine

Image

LTC Facilities Advocate For Vaccinations

Image

02-25-2021 for Bri

Community Events