Goldman Sachs Reports Double Earnings

Goldman Sachs’ earnings for Q1 2010 are $3.46 billion, up 91% from Q1 2009. Their $12.78 billion in revenues represented a more than $3 billion from last year. The New York Times has more:

Tuesday’s quarterly results showed the dominance of the bank’s trading operations. Profit in the trading division jumped 43 percent to $10.25 billion in the quarter. Fixed-income trading had revenue of $7.39 billion, a 13 percent increase. Equities trading earned $2.35 billion, an 18 percent increase from the quarter a year ago. In addition, Goldman said it had set aside 43 percent of revenue in the first quarter for employee salaries and bonuses, down from 50 percent for the period a year ago.

The strong results are likely to be overshadowed by the Securities and Exchange Commission’s civil suit against the firm, filed on Friday, which accuses Goldman of peddling a mortgage investment that was intended to fail but never alerted investors to the potential dangers.

During the earnings call, (Goldman CEO David) Viniar said: “You can see from our results last quarter that our clients still support us. That’s the key to our success and has been the key to our success for a very, very long time.”

Ahem. Aren’t many of those clients major hedge funds who demand custom CDO packages from Goldman, a la John Paulson?

Morgan Stanley is the only major bank remaining to declare its earnings. The tally so far, according to the Times:

Bank of America: $3.2 billion
Citigroup: $4.4 billion
JPMorgan Chase: $3.3 billion
Goldman Sachs: $3.46 billion

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