A bumper quarter = bumper pay.
CNN Money reports that Goldman Sachs reported strong first quarter results Thursday morning. Revenues rose 14% from the first quarter of 2014 and earnings were up 41% to $2.75bn. The company easily topped Wall Street's sales and profit forecasts.
So the company decided that it was time to reward its executives, bankers and traders as well. Compensation expenses were up 11% from a year ago to nearly $4.46bn.
With 34,400 staffers, that works out to an average of $129,622 per employee. In its earning release, Goldman Sachs said the big compensation bump was mainly attributable to its increase in revenues.
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