Goldman Sachs reported lackluster profits this morning , bringing some bad tidings to New York’s pols. Even after taking into account Britain’s one-off bonus payroll tax and the company’s $550 million SEC fine, profits fell by 44 percent from the same time last year. More important for New York, expected employee pay is down by 42 percent, roughly in line with the profit fall.
If this drop-off holds for the rest of the year at Goldman and its competitors, New York State and City will see a personal income tax drop as well as a drop-off in other revenues related to economic activity, like apartment-buying. The people earning these bonuses already seem to know that, as Goldman’s CFO put it, things are “pretty slow .”
Goldman Sachs reported lackluster profits this morning , bringing some bad tidings to New York’s pols. Even after taking into account Britain’s one-off bonus payroll tax and the company’s $550 million SEC fine, profits fell by 44 percent from the same time last year. More important for New York, expected employee pay is down by 42 percent, roughly in line with the profit fall.
If this drop-off holds for the rest of the year at Goldman and its competitors, New York State and City will see a personal income tax drop as well as a drop-off in other revenues related to economic activity, like apartment-buying. The people earning these bonuses already seem to know that, as Goldman’s CFO put it, things are “pretty slow .”
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