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Analysts said the company showed cost restraint by reducing the proportion of its revenue it set aside for salaries — despite having to pay a $361 million charge for a British bank tax on bonuses.
Shortly afterward the Los Angeles Turf Club, Inc., which operates Santa Anita, of its own accord raised the amount it set aside for purses from 40 to 41% of the take, but the Horsemen's Benevolent and Protectiv Association out there voted almost unanimously to hold out for 47%.
The bank reduced the money it set aside for potential losses, adding to overall profit.
Apple quickly ran out of supplies it set aside for advance orders.
GMAC increased the amount it set aside for loan losses by 78percentto to $843 million.
Goldman cut the amount of money it set aside for pay by 9 percent for the quarter, to $2.92 billion.
Similar(33)
The poor performance forced Goldman to cut its way to a decent profit, slashing the amount of money it sets aside for bonuses.
The poor performance forced the company to cut its way to a decent profit, slashing the amount of money it sets aside for pay and bonuses.
The firm does not break out how much it sets aside for them.
Now Bank of America has more than doubled the share of earnings it sets aside for employees.
By slashing what it sets aside for compensation, Goldman was able to post a decent third-quarter profit, despite the revenue weakness.
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