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Goldman Sachs announces startling turnaround

US banking giant Goldman Sachs has today revealed that the firm generated around $38 million in profits per day in the first half of 2009. However, the company has been allocating a startling $74 million a day for the compensation and benefits pot which will ultimately be shared out among staff. When you also consider that this performance in the first six months of 2009 was "nothing spectacular" what can we expect for the full year?

These mind-boggling figures, coming so quickly after the banking sector collapse, will surely start to ring alarm bells in government and political circles. How can it be that while the rest of the UK population, and the worldwide population, continue to suffer from financial hardship that the bankers, whom many people blame for pushing us to the edge, are now being showered in dollars and pounds?

While the figures from Goldman Sachs may be startling to the extreme it is worth by remembering that the collapse in the worldwide economy has opened up a significant number of opportunities for financial wizards. The ability to pick up relatively cheap assets in the current environment is being grasped with both hands by a number of large financial institutions around the world. The situation will obviously settle down once the worldwide economy is on a more level playing field but until then we could see the emergence of some major financial deals.

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