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20 Jul 2010
The UK’s one-off bank bonus tax cost Goldman Sachs $600m (£395m), the Wall Street bank said today as it revealed its second quarter results.
Excluding the impact of the $600m related to the UK bank payroll tax and the $550m related to the SEC settlement, diluted earnings per common share were $2.75 for the second quarter of 2010, the bank said.
The British government enacted legislation that imposed a non-deductible 50% tax on certain financial institutions for discretionary bonuses in excess of £25,000, awarded under arrangements made between 9 December 2009 and 5 April 2010 to ‘relevant banking employees’.
‘The market environment became more difficult during the second quarter and, as a result, client activity across our businesses declined,’ said Lloyd C. Blankfein, chairman and chief executive officer.
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Briefings
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