Goldman curbing pay despite big revenue gains

Experts say similar changes are happening across Wall Street

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.

Sources familiar with the matter inside Goldman Sachs described the restraint as a sign of the shifting mentality about bonuses at the bank: it wants to tightly control compensation, even if it has good...

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