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| Version 7 | Version 8 |
|---|---|
| Profits at Goldman Sachs top $3bn | Profits at Goldman Sachs top $3bn |
| (10 minutes later) | |
| US bank Goldman Sachs has seen its profit for the first quarter of 2010 nearly double. | US bank Goldman Sachs has seen its profit for the first quarter of 2010 nearly double. |
| The bank reported net earnings of $3.46bn (£2.25bn) for the three months to March, up from $1.8bn a year ago. | The bank reported net earnings of $3.46bn (£2.25bn) for the three months to March, up from $1.8bn a year ago. |
| Goldman also revealed that it paid its employees about $5.5bn in compensation, equivalent to 43% of its revenue. | Goldman also revealed that it paid its employees about $5.5bn in compensation, equivalent to 43% of its revenue. |
| Earlier, the UK's Financial Services Authority (FSA) announced a formal enforcement investigation into the bank regarding recent fraud allegations. | |
| The results were ahead of Wall Street expectations, with revenue coming in at $12.8bn, beating forecasts of $11bn. | |
| Shares in the bank rose more than 1% in pre-market trading. | |
| UK investigation | |
| The FSA's earlier announcement followed claims made by the Securities and Exchange Commission (SEC) in the US that Goldman defrauded investors during the sub-prime housing crisis. | |
| Goldman has strongly rejected the SEC's claims as wrong "in fact and law" and said it would co-operate with the FSA. | |
| The UK watchdog said it would liaise closely with the SEC in its review. |