Goldman Sachs Cuts Pay as Revenue Drops to Lowest Since 2005
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Goldman Sachs Group Inc. cut jobs and money to pay employees and will seek $500 million in additional cost reductions this year after first-half revenue fell to the lowest since 2005.
Compensation, which includes salaries, benefits, bonuses and the expense of deferred pay awarded in prior years, dropped 14 percent to $7.29 billion in the first six months, the New York-based bank said today in a statement. Revenue in the same period dropped 14 percent to $16.6 billion.