Goldman Sachspaid its 43,900 bankers more than $17bn(£12.5bn) last year, a 33% increase on 2020 as the investment bank celebrated a more than doubling of pre-tax profits to $27bn thanks to frenzied dealmaking on both sides of the Atlantic.
The pay and bonuses increase works out at about $403,000 for each employee on average, up from about $328,000 a year ago.
About 400 leading bosses – or the top 1% of the firm – are expected to receive a special one-off pandemic bonus in recognition of the bank’s success during the coronavirus crisis. The bonuses for this elite group are expected to range from the low single digit million to tens of millions of dollars, according to Bloomberg sources.
David Solomon, Goldman’s chief executive, collected total pay of $17.5m in 2020, compared with $27.5m in 2019.
Last summer Goldman increased pay for its junior bankers after they complained about “inhumane” working conditions and 100-hour weeks.
The pay of first-year analysts, who previously received close to $70,000 in base pay, increased to $110,000 before bonuses. Second-year analysts saw their pay rise to $125,000.