By Olivia Scheck
DNAinfo Reporter/Producer
MANHATTAN — Goldman Sachs, the high-powered global investment firm that was charged with fraud by the SEC on Friday, announced its 2010 first quarter earnings Tuesday morning.
The bank earned $12.78 billion in revenue, up 36 percent compared to the first quarter last year, and $3.36 billion in profit, up 81 percent, David Viniar, Chief Financial Officer at the company said in public conference call at 8 a.m.
43% of its profits will be allocated to employee salaries and bonuses, Viniar confirmed.
The report's announcement comes in the wake of SEC allegations that Goldman Sachs defrauded clients out of $1 billion, by recommending that they invest in the American housing market, while they themselves bet against it.
