Setting the benchmark ?
Goldman Sachs Group cut the portion of revenue it pays employees to the second-lowest level as a public firm.
Bloomberg News reports that compensation for 2013, which includes salaries, benefits, bonuses and the expense of deferred pay awarded in prior years, fell 2.6% from 2012 to $12.6 bn. Revenue in the same period was little changed at $34.2bn.
CEO Lloyd Blankfein, 59, allocated 37% of revenue for pay in 2013, compared with 38% the previous year.
The compensation expense is enough to pay each of Goldman Sachs’s 32,900 employees $383,374 for the year.
Goldman has just released fourth-quarter net income, which dropped 19% to $2.33bn from $2.89bn a year earlier, but which beats most analyst estimates.
Goldman's revenue from client trading in fixed income, currencies and commodities dropped 15% in the fourth-quarter to $1.72bn.