Goldman Sachs Group (GS) cut its compensation outlays for the first nine months of the year by 21% from a year earlier, as the giant investment bank responded to a drop in earnings by reducing salaries and benefits.

Goldman paid out $13.1 billion in compensation for the nine months ended Sept. 30, down from $16.7 billion a year earlier, Goldman Sachs said in a statement today. With about 39,000 employees worldwide, Goldman paid an average of about $336,000 for each employee for the nine months.

Goldman Sachs looked to cut costs as both revenue and profit fell on slower trading. The company earlier Tuesday reported that third-quarter earnings dropped 40% from a year earlier to $1.9 billion as revenue plunged 28% to $8.9 billion. However, Goldman's quarterly earnings per share of $2.98 handily beat consensus estimates of $2.28.

Goldman's revenue for the nine months dropped 14% to $30.5 billion.


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kenny

WHAT A JOKE!!!!!!! Next year they will want more of our tax $$$$$$$$$$$$$$$$$$$$

October 20 2010 at 5:44 PM Report abuse rate up rate down Reply
mjohn67610

Wow ! I hope these jerks can by bread and milk on $336,000 a year. Sign me up for a group of losers who are struggling on $336,000. Fire all of them and help out the deficit. These clowns will take us under and walk a way with millions. We are stooges at their whim. Fire them, bankrupt them , get rid of them. They are a far greater danger to our great country than anybody else. Fire them, get rid of them, and let's get back to normalcy in the USA. These clowns have been feeding at the trough for too long and merely just laugh at us.

October 19 2010 at 9:19 PM Report abuse +2 rate up rate down Reply