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...