Goldman Staff Could Double Pay
Following a bumper year in 2005, staff at Goldman Sachs could be on track for even more pay in 2006.
Earlier this week, the firm reported record first quarter net profits of $2.48 billion, up 64 percent on the first quarter of 2005. Compensation and benefit expenses soared nearly 30 percent over the same period. Staff numbers rose only 9 percent.
If the rest of the year continues in the same vein, Goldman's 23,600 employees can bank on average pay of $900,000 per head. This should be reason for celebration: Last year they earned a mere $521,000.