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Goldman curbing pay despite big revenue gains
Experts say similar changes are happening across Wall Street
Add BT as a preferred sourcePublished Fri, Oct 17, 2014 · 09:50 PM
New York
TOP Goldman Sachs Group executives are determined to keep compensation costs under control. And that means even when the bank's revenue spikes higher, bankers' bonuses won't.
On Thursday, Goldman reported a 25 per cent increase in quarterly revenue, but the money it set aside for compensation and benefits rose only 18 per cent from the same period a year earlier. Also more or less unchanged is the average compensation per employee, at around US$320,000 for the first nine months of the year.
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