Goldman Sachs Paid Staff $11.7 Billion In 2005

The 22,425 employees of Goldman Sachs earned total compensation of $11.7 billion in 2005, according to the company's latest Securities and Exchange Commission filing. Average pay rose 12 percent to $521,000.

A sharp increase in trading and principal investments spurred Goldman's pre-tax profits to a record $5.6 billion, up more than 20 percent, reports the Financial News. The firm's investment banking division benefited from a rush of merger and acquisition deals, with net revenues rising 9 percent, to $3.7 billion. Institutional Investor said Goldman for the first time ended the year with more money-management fees than rival Morgan Stanley - $2.96 billion compared to Morgan Stanley's $2.91 billion.