Goldman Sachs set aside enough to pay each of its 35,400 employees $370,706 for nine months’ work. That’s down from an average $527,192 for the firm’s 31,700 workers a year earlier.
The total set-aside of $13.1 billion for compensation and benefits equals 43 percent of revenue in the first nine months of the year, down 21 percent from a year ago — even as revenue fell 14 percent.
In other good news for the investment giant, its share price rose to the highest in nearly six months after the company reported profit that beat analysts’ estimates and said the cost of flawed mortgages and new capital rules won’t be significant.
Shares gained $3.02, or 2 percent, to $156.72, the highest since April 29.
Third-quarter net income fell to $1.9 billion, or $2.98 a share, exceeding the $2.29 estimate analysts forecast.