Goldman Sachs employees' wages and bonuses cut as profits tumble
WALL STREET bank Goldman Sachs has trimmed its pay and bonuses for 2013 after a big fall in profits towards the end of the year.
The company yesterday reported annual profits up 5 per cent to £7.1billion on revenues steady at £20.8billion.
But its performance was dragged back by an 18 per cent fall in profits to £2.1billion in the last three months of 2013 after it was hit by a drop in bond trading and the costs of litigation and regulatory proceedings.
The company said overall pay was down 3 per cent to £7.7billion.
That amounts to an average of £233,000 for its 32,900 employees worldwide, down from £245,000 in the previous year.
Goldman chairman Lloyd Blankfein said the company had worked to keep costs down “to provide solid returns even in a somewhat challenging environment”.
Rival bank Citigroup saw fourth quarter profits rise 21 per cent to £1.6billion on revenues down 2 per cent to £10.9billion.
Annual profits rose 84 per cent to £8.5billion.
It too was hit by a fall in bond trading and chief executive Michael Corbat said it did not finish the year “as strongly as we would have liked”.