16/07/2013 17:58 BST

Goldman Sachs Enjoys Surprise Doubling Of Profits In Latest Results


Goldman Sachs employees are enjoying a 27% increase in total payments after the banking giant posted a surprise doubling of profits in its latest quarterly results.

In the second quarter of this year, the bank saw profits increase to $1.9 billion (£1.3bn), compared to $927 million (£613m) last year.

Although the bank saw a cut of 1% in staff, equivalent to hundreds of workers, its revenue has increased 30% to $8.6bn, surpassing the $8 billion expected by analysts.

The US-based bank set aside $3.7bn (£2.4bn) in pay and benefits for its 31,700 employees, which includes 6,000 based in the UK.

Goldman Sachs CEO Lloyd Blankfein said: "The performance was solid, especially in the context of mixed economic sentiment during the quarter.

"Improving economic conditions in the US drove client activity and the strength of our global client franchise allowed us to deliver positive performance across a number of our businesses."

The bank’s latest results come as ex-Goldman trader Fabrice Tourre, nicknamed ‘Fabulous Fab’, faced trial in New York over accusations of selling mortgage-backed securities that he knew would fail.