Goldman Sachs (NYSE:GS) bankers’ pay and bonuses plummeted 40% during the first six months of this year reflecting sinking profits.
Total payroll for the US investment bank was US$7.8bn in the first half of 2022, representing a 40.3% reduction in wages per head compared with US$11.3bn from the previous year.
Net revenues for Goldman declined 23% to US$11.9bn compared with the same period last year, which was slightly better than market forecasts, while they were 8% lower than the first quarter of 2022.
“The decrease in operating expenses compared with the second quarter of 2021 was primarily due to significantly lower compensation and benefits expenses,” Goldman said in a statement.
Net earnings were US$2.9bn for the second quarter ended June 30, 2022, while for the half year they came in at US$6.87bn.
The bank’s shares still advanced 4.0% to US$305.50 around an hour into the US open.