Goldman Sachs pays A LOT more than Facebook. Across the board cuts at Credit Suisse
The time has come to conclusively cudgel all rumours that you can earn more working for a technology firm than an investment bank. You can't. Unless you happen to be an exceptional programmer who was in a technology firm from the start and was given a wadge of fungible stock.
We know that banks pay more because both Goldman Sachs and Facebook are obliged to register accounts for their U.K. activities with Companies House in London. In the last year for which figures are available (2014), Goldman Sachs paid its London staff an average of $530k, while Facebook UK reportedly paid its British-based employees an average of $322k.
So, pay at Goldman is 73% higher. Remember that next time you feel like swapping finance for something a little more 'on trend.'
Separately, it won't just be co-heads and US broker dealers who are caught up in the vigour of Tidjane Thiam's cost-cutting at Credit Suisse. Swiss Sunday paper Schweiz am Sonntag reported that Thiam has instructed heads of all major departments at the bank to cut costs by 7% to 10%. Worst affected are likely to be back office and technology staff whose jobs face displacement from Switzerland to 'less costly regions', like Asia.
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