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Goldman 1Q earnings rise
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March 23, 1998: 6:29 p.m. ET
One of last private partnerships on Wall St. says pretax profit up 13 percent
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NEW YORK (CNNfn) - Goldman Sachs & Co., one of the last privately held partnerships left on Wall Street, reported a 13 percent increase in pretax earnings for its fiscal first quarter.
The investment bank reported pretax earnings of $1.02 billion in the 1998 first quarter, compared with $905 million in the year-ago period.
Revenue rose to $2.47 billion from $1.96 billion a year earlier. Expenses totaled $1.45 billion, compared with $1.05 billion a year ago.
"Our financial performance last year, together with the strong results of the first quarter, clearly demonstrate the effectiveness of our global business strategy," said John A. Thain, chief financial officer.
Goldman's capital increased to $6.3 billion at the end of the first quarter from $6.1 billion at the end of fiscal 1997.
"We are improving the performance of our core franchises, diversifying into new businesses, and adding capacity to meet the increasingly complex needs of our clients," Thain said in a statement.
Goldman also noted that full-time employment totaled 11,000 at the end of the quarter, up from 10,650 at the end of 1997.
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Goldman Sachs
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