Goldman Sachs performs despite low expectations

American bank Goldman Sachs has posted net revenues of $11.89bn and net earnings of $2.74bn, beating analysts' expectations of a poor first quarter.

Despite profits being down 21 per cent due to a $5bn share buy-back deal with Warren Buffet, the bank's diluted earnings per common share in the first quarter were $1.56, way above predictions of 82 cents a share.

The bank also announced that it was able to set aside $5.23bn for salaries, bonuses and other compensations, a 132 per cent increase on money set aside in the last quarter.

Chairman and chief executive Lloyd Blankfein, who is rumoured to be looking to step down, said that he was "pleased", and that there were "encouraging indications for economic activity globally".

Read a full report at the Guardian. ·