Two major Wall Street banks report higher profits

Two major Wall Street banks have reported better-than-expected profits for the months of July and September.



Goldman Sachs\' is reported to have made $3.19 billion, a four-fold increase from the similar period in 2008.



It has set aside $5.35 billion to cover pay and bonuses for the quarter, an average payout of $172,581 per worker.



Meanwhile, Citigroup\'s profits also grew, but at the much lower figure of $101 million, reflecting the impact of the recession on its High Street banking operation.



Its reported to have been highly exposed to consumer loans and has more bad debts than Goldman, which concentrates more on investment banking; trading and helping companies to merge.