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Goldman Sachs Profit Beats Estimates as Company Slashes Compensation Ratio

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"Goldman Sachs Group Inc., the most profitable securities firm in Wall Street history, reported earnings that beat analysts’ estimates as the company slashed the percentage of revenue allocated to compensation," according to Bloomberg. "Last month Goldman Sachs said its top 30 executives, including Blankfein, Chief Financial Officer David Viniar and President Gary Cohn, wouldn’t receive any cash bonuses for 2009. Instead, their bonuses will consist entirely of restricted stock that they can’t sell for five years."
SOURCE:   Bloomberg