Goldman Sachs reveals $12bn pay bill
Wall Street banking giant Goldman Sachs has revealed a bill for pay and bonuses in 2011 of $12.22bn (€9.51bn) today.
While the total pay packet – based on its headcount of 33,300, equating to an average of $366,966 (€285,760) for each of its staff – decreased by 21% compared to last year, the share of revenues paid out in salary and benefits for 2011 was up from 39.3% to 42.4%.
The firm posted a 47% drop in net earnings to $4.4bn (€3.42bn) for the year to December 31.
This followed a 26% decline in revenues to $28.8bn (€22.4bn).
The figures are the latest in the annual results season for major US banks.
