Goldman Sachs set aside a smaller portion for staff pay in the first nine months of the year than in 2012.
Bloomberg News reports that compensation, which includes salaries, benefits, bonuses and the expense of deferred pay awarded in prior years, fell 5% to $10.4bn in the first three quarters from a year earlier. Revenue in the same period increased 2% to $25.4bn.
Chief Executive Officer Lloyd Blankfein, 59, allocated 41% of revenue, down from 44% in the first nine months of 2012, as he seeks to boost returns. Last year, the firm cut expenses in the fourth quarter, bringing the total pay pool to 38% of revenue, the second-lowest figure since Goldman Sachs has been a public company.
The compensation expense is enough to pay each of Goldman Sachs’s 32,600 employees $319,755 for the nine months. The firm set aside $11bn in the same period of 2012, equal to an average $336,442 for each of the 32,600 people employed by Goldman Sachs at the time.
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