Earlier today, Goldman Sachs Group, Inc. (NYSE:GS) reported that it raked in a whopping $9.34 billion in 2006, a record-high in the history of organized finance. The company plans to pay out $16.5 billion of that to its employees, to the tune of $622,000 per person. Goldman's fiscal fourth quarter saw profits increase 93% year-over-year, to $3.16 billion, or $6.59 per share, well above the consensus estimate of $6.36. (You can read more about the numbers here.)
Goldman's record year could signal similar results from the other investment banks set to announce their earnings over the next two weeks, and the Times article goes on to describe the incredible economic boost these numbers will give downtown Manhattan. Purveyors of high-end goods and services are rubbing their hands for a very merry holiday season.
This news is even more striking when you consider that Doug Kass over at TheStreet.com lists Goldman going private as a possible (if unlikely) surprise for 2007. You have to give credit where credit is due: If Goldman is set to leave us, it sure went out with a bang.
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