$521,000: The average pay of Goldman Sachs employees and that includes secretaries
source: http://www.independent.co.uk/news/business/news/521000-the-average-pay-of-goldman-sachs-empl...
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- Conniepae
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By Stephen Foley in New York
Sunday, 12 February 2006
They call it Goldmine Sachs. And well they might. Because the Wall Street giant has become the first major investment bank to see its average salary top half a million dollars.
The extraordinary figure is disclosed in the company's latest regulatory filings and comes as a record bonus season draws to a close on both sides of the Atlantic.
It is sure to be used to entice people to join the bank, which expects to boost its number of employees by up to 10 per cent in anticipation of another bumper year for trading and mergers and acquisitions activity.
Last year, Goldman Sachs paid out $11.7bn (£6.7bn) to its 22,425 employees - around 3,000 of whom are in London.
Hank Paulson, the chairman and chief executive, was paid $38m in salary, shares and options - a 21 per cent increase on 2004. An average figure per staff member of $521,000 bursts through a barrier not even breached during the dot-com boom in 1999 and 2000.
This is a 12 per cent increase on the $466,000 average disclosed for 2004. It is twice the level of average pay at rivals Merrill Lynch and Morgan Stanley.
Wall Street banks are paying out a record $21.5bn in bonuses for 2005, according to New York State figures. That dwarfs 2004's $18.6bn and tops the previous record of $19.5bn in 2000. The average bonus in 2005 was $125,500 - some $25,000 more than in 2000
Deutsche Bank last week became the latest to disclose to its staff the bonus cheques they will soon be taking home. Some top executives will receive bonuses 75 per cent higher than last year.
The average bonus is believed to have increased by a double-digit percentage, and the subtle boast is meant to signal Deutsche's return to health after several lacklustre years.
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kennymotown
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More deregulation, was the conservative republicans
montra since Reagan. 30 years of trickle down economics has pissed all over us. Unfettered capitalism
is dying and they want more of our blood. look out 30 years of pooped on economics if Congress approves
this fix without any changes being made on the bill. - 3 years ago
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kennymotown
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Conniepae
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Legalized extortion? Sure the ones who have done the wrongs want to claim its not their fault. Well, tuff, it is their fault. If they arent going to be held accountable, neither should we.
- 3 years ago
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Conniepae
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jimwiz3416
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Be suspicious of those who frame debates, involving vast sums of money or significant loss of civil liberties, with the following:
We must act quickly or utter ruin of [the economy] is inevitable.
If we don't do this, then chaos will result in [the economy.]
This is our only choice to save [the economy]We always have a choice - current events took years, if not decades, to transpire. Quick fixes should be seen with much suspicion - especially since they involve the very people who set up the questionable circumstances in the first place.
While the average American has tighter regulations and severe restrictions on bankruptcy imposed on them, the government now insists we initiate a wholesale bailout out those who held great power and influence and failed to use it wisely.
A better question: who's looking out for the rest of us.
Video: This solution is like a fix for a junkie. A CNN interview with Ron Paul.
- 3 years ago
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jimwiz3416
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Conniepae
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My point being, not that they paid their employees well, it was they didn’t use good judgement and pay their employees what they could afford. Apparently they couldn’t really afford to pay their employees so well. Everyone assuming it was a time of prosperity, it was glutney run amuck. Everyone wanting more, more, more. The ride is over. Now we will have to pay for their bad judgement?
Bailouts are going to be necessary, but where is the accountability? I love it, living large caused our problems, now we have to bail them out with our tax dollars? More and more Americans are already near complete collapse, the market and the desire for wealth caused our economic problems.
Maybe its not me who needs to learn economics. Spinning living large, while the country struggles is not spinning economic wisdom, its an insult to intelligence. I watched as the excesses were happening. The spin started when people started thinking they were worth more than they were. Apparently they should have been putting some of their money away for a rainy day instead of expecting us to bailout their living large life styles.
- 3 years ago
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Conniepae
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TheSodaJerk
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Yea, so they paid their employees well, big deal. They were making money hand over fist at the time. This article basically says "Goldman Sachs was a company that treated its employees well during times of prosperity"
Also, just because the (assumed) mean average salary includes the secretarial pool doesnt make up for the no doubt outrageous outliers of its Executive Officers.
And to close: Bailouts are going to be necessary if you dont want to see a massive depression. We are no doubt in for a recession (if it hasnt already become one, technically speaking), but to avoid complete collapse we have to keep the market alive. Either learn the economics of the situation or keep your head in the sand. Dont spin the issues, inform the public.
- 3 years ago
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TheSodaJerk
