Profits crash at Goldman Sachs
GOLDMAN Sachs reported a slump in profits, hit by the UK’s bank bonus tax and a massive US fine.
The Wall Street bank’s profits were $613million (£400million) for the second quarter of the year, down from $3.4billion previously, hit by the $600million cost of the UK tax and last week’s $550million payout to settle fraud allegations in the US.
Revenues tumbled 36 per cent to $8.8billion on tough trading conditions.
Despite the fall, the company has set aside $3.8billion to pay staff.