Goldman Profit Leaps as Firm Restrains Pay

JOE BEL BRUNO AND JESSICA PAPINI
The Wall Street Journal
January 21, 2010

[efoods]Goldman Sachs Group Inc. on Thursday reported blowout fourth-quarter earnings, driven in part because it restrained compensation amid a public outcry about excessive pay.

The investment bank’s record-high profit of $4.95 billion for the fourth quarter far exceeded Wall Street estimates. The amount eclipsed the combined returns of rivals J.P. Morgan Chase & Co., Morgan Stanley, Citigroup Inc. and Bank of America Corp., and it highlights Goldman’s revival from a financial crisis that toppled competitors.

But the earnings report also revealed that Goldman is being swayed by intense criticism about compensation packages so soon after the government’s bailout.

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