Goldman employee pay falls

Piggy Bank

The portion of revenue Goldman Sachs set aside last year to pay employees was the second-lowest since it became a public company.

Bloomberg News reports that compensation, which includes salaries, bonuses and the expense of awards deferred in prior years, rose 0.6% from 2013 to $12.7bn as the number of employees increased, the firm said in a statement Friday.

That amounted to 36.8% of revenue compared with 36.9% a year earlier. The investment bank disbursed 36% in 2009, the least since selling stock to the public in 1999.

Last year’s compensation expense is enough to pay each of Goldman Sachs’s 34,000 employees $373,265 for the year, down from $383,374 in 2013. Figures for average pay don’t represent what any employee actually gets and are calculated by dividing the total compensation expense by the number of workers.

To access the complete Bloomberg News article hit the link below:

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