The lion's share of Goldman's profit beat came from setting aside less for pay than analysts had expected, according to Citigroup analysts led by Keith Horowitz.
div > div.group > p:first-child"> The bank cut compensation and benefits set aside for employees in the quarter by 20 percent to $3.26 billion, or about $90,780 for each of the bank's 35,900 workers. A year ago, that figure was $119,323 for each of the bank's 34,000 workers.
Goldman posted first-quarter revenue that missed analysts' expectations, dropping 13% to $8.81 billion amid a tougher market for trading and investing businesses. But it beat analysts' expectations for profit, posting $5.71 a share, compared with the $4.89 estimate, the New York-based firm said in a release.
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