Goldman Sachs profits jump

US bank Goldman Sachs has seen its net profits jump in the fourth quarter.

The company made $4.95bn (£3.06bn) between September and December, compared with a loss of $2.12bn in the same period in 2008.

Goldman said it will have a $16.19bn compensation and benefits pot for the whole year – up 48 per cent from 2008.

But its compensation as a percentage of net revenues was the lowest since it went public in 1999 at 35.8 per cent.

For the whole of 2009, the bank had net profits of $13.39bn – up from $2.32bn in the previous year.

Chief executive Lloyd Blankfein said: "Despite significant economic headwinds, we are seeing signs of growth and remain focused on supporting that growth."