Monday 19 March 2018

Goldman Sachs gets $12.2bn pay and bonus bill

Jamie Grierson

WALL Street banking giant Goldman Sachs, which employs thousands of staff in the UK, revealed a bill for pay and bonuses in 2011 of $12.2bn (€9.5bn) today.

While the total pay packet - based on its headcount of 33,300, equating to an average of $366,966 for each of its staff - decreased by 21pc compared to last year, the share of revenues paid out in salary and benefits for 2011 was up from 39.3pc to 42.4pc.

The firm, which employs around 5,300 staff in the UK who are all eligible for performance-related bonuses, posted a 47pc drop in net earnings to$ 4.4bn for the year to December 31. This followed a 26pc decline in revenues to $28.8bn.

The figures are the latest in the annual results season for major US banks and will be watched closely on these shores as UK banks prepare to release their own figures next month.

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