Goldman Sachs 2000 Annual Report Download - page 49

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Year Ended November
(in millions, except per share amounts) 2000 1999 1998
Revenues
Global capital markets
Investment banking $ 5,339 $ 4,359 $ 3,368
Trading and principal investments 6,528 5,758 2,015
Asset management and securities services 3,737 2,524 2,085
Interest income 17,396 12,722 15,010
Total revenues 33,000 25,363 22,478
Interest expense 16,410 12,018 13,958
Revenues, net of interest expense 16,590 13,345 8,520
Operating expenses
Compensation and benefits 7,773 6,459 3,838
Nonrecurring employee initial public offering and acquisition awards 290 2,257 —
Amortization of employee initial public offering and acquisition awards 428 268 —
Brokerage, clearing and exchange fees 573 446 424
Market development 506 364 287
Communications and technology 435 306 265
Depreciation and amortization 486 337 242
Occupancy 440 314 207
Professional services and other 639 402 336
Charitable contribution — 200 —
Total operating expenses 11,570 11,353 5,599
Pre-tax earnings 5,020 1,992 2,921
Provision/(benefit) for taxes 1,953 (716) 493
Net earnings $ 3,067 $ 2,708 $ 2,428
Earnings per share
Basic $6.33 $ 5.69 —
Diluted 6.00 5.57 —
Average common shares outstanding
Basic 484.6 475.9 —
Diluted 511.5 485.8 —
The accompanying notes are an integral part of these consolidated financial statements.
47
CONSOLIDATED STATEMENTS OF EARNINGS