If you work for Goldman Sachs in London and are wondering what your pay will be like in Frankfurt, then the latest annual report for Goldman Sachs Europe SE offers some pointers: on average, it will be lower - but not by much.
In 2018, Goldman Sachs paid the average London-based employee working for Goldman Sachs International a salary of $408k and a deferred stock bonus of $100k - a total of $508k. By comparison, Goldman Sachs SE in Frankfurt paid its average employee a salary of $395k and a bonus of $93k - a total of $488k.
In other words, average London pay at Goldman Sachs is higher - but not by much at all.
The revelation comes as Goldman prepares to occupy its new office in Frankfurt's Marien tower sometime in the third quarter. The new office will have space for around 700 people although Goldman has so far only declared its intention of moving around 400 people from London.
Few of these moves happened in 2018. At the end of last year, Goldman had 165 people in Frankfurt - just 29 more than a year previously. A high proportion of the firm's Frankfurt employees are middle and back office staff tasked with laying the groundwork for a larger European presence after Brexit. As more salespeople, traders and bankers move to Frankfurt, the local average salary is likely to increase (and may yet surpass London in future).
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