The financial services major Goldman Sachs on Thursday reported a net earning of USD 4.94 billion in the fourth quarter against the USD 2.12-billion loss in the year ago period. Goldman Sachs spent USD 16.2 billion in salaries and bonuses in 2009,up 47 per cent over 2008,a company statement said- much less than the reported record USD 20.2 billion it spent in 2007. The banking industry has been facing government criticism and public outrage over its huge bonuses and compensation packages after they lost hundreds of billions of dollars in bad debts which led to the global financial crisis. These financial institutions were later bailed out by the US government. Goldman said also reduced its compensation money by USD 500 million in the quarter under review and put the saved money in its charitable foundation in a move to reduce the criticism of its abnormal pay packages. It can be noted that Goldman was one of the first banks which repaid its USD 10 billion bailout fund last year. The company's net revenue stood at USD 9.61 billion in the fourth quarter ended December,driven by a 58 per cent jump in its investment banking fees. "Our strong client franchise across global markets along with the commitment and dedication of our people drove our strong performance," Chairman and CEO Llyod Blankfien said. For the full year 2009,Goldman net earnings rose to USD 13.28 billion from USD 2.32 billion in 2008 on a net revenue of USD 45.17 billion in 2009 over USD 22.22 billion in 2008.
