Goldman Sachs staff set for bumper bonuses as bank earns $38m per day

The investment bank Goldman Sachs delivered a clear signal that the good times are returning on Wall Street by milking a recovery in financial markets to generate profits of $3.44bn (£2.12bn), raising the prospect of average pay packages of as much as $900,000 for its employees. Goldman's second-quarter earnings, which amounted to $38m per day, were up 65% on 2008 and confirmed the US bank's status as one of the stand-out winners from the credit crunch which paralyzed the financial industry for much of last year. The firm's revenue of $13.76bn was the highest in its 140-year history. Its success on the trading floor is likely to translate into record bonuses, to the dismay of critics who view runaway compensation as a key factor contributing to the global economic meltdown.