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Tuesday, December 16, 2008

Goldman Earnings Hit, Pay Down to a Puny $395,000 per Employee

Marketwatch (bold mine):

Goldman Sachs paid its average employee sharply less in fiscal 2008 than in 2007 amid one of Wall Street's most dismal years ever. Speaking to reporters on a conference call Tuesday, Chief Financial officer David Viniar said, "compensation will be significantly lower this year (FY 2008)." Earlier, Goldman reported its first ever loss as a public company. When it reported those results, it also reported that its average compensation per employee in 2008 fell to about $395,000, down sharply from more than $660,000 in fiscal 2007. And, the firm said it set aside $10.93 billion for total compensation and benefits in 2008, down 46% from $20.19 billion a year ago.