Average compensation falls at Goldman Sachs International

Goldman Parachute Jump

Average pay at Goldman Sachs' European arm fell 15% year-on-year as turbulent markets discouraged companies from listing on stock markets, hitting the bank's underwriting business hard.

Reuters reports that Goldman Sachs International (GSI) reported a total wage and salary bill of $2.45bn, down 6.4%, even though headcount rose by 10%.

Each employee received around $400,000 in wages on average, down from about $470,000 in 2014, according to Reuters calculations.

GSI's underwriting revenue declined by nearly 27% as plunging oil prices, uncertainty about Chinese stocks and worries about global economic growth stoked market volatility.

This uncertainty has pushed Goldman Sachs -- and other big banks -- to seek to cut costs to offset low interest rates and stricter regulations.

To access the complete Reuters article hit the link below:

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