GOLDMAN REPORTS HUGE LOSS, FAR WORSE THAN EXPECTED

blankfein cohn AP
GOLDMAN earnings are out, and the company has lost $.84 per share, and it has missed revenue big time.

Analysts had expected losses of just $.11/share.

Revenue has fallen well short of expectations.

Lloyd Blankfein says he is "disappointed." In other words, the pressure is on these 4 traders to boost trading revenue next quarter.

The full announcement is here and highlights are below.

Pretty much all the numbers look pretty bad.

Also it's pretty rough from a compensation perspective:

The accrual for compensation and benefits expenses (including salaries, estimated year-end discretionary compensation, amortization of equity awards and other items such as benefits) was $1.58 billion for the third quarter of 2011, a 59% decline compared with the third quarter of 2010. The ratio of compensation and benefits to net revenues for the first nine months of 2011 was 44.0%. Total staff levels decreased 4% compared with the end of the second quarter of 2011.

This table shows the big declines in trading and banking revenue.

------------------------------

Investment Banking

Source : http://www.businessinsider.com/goldman-reports-huge-loss-2011-10

381