Goldman Sachs' CFO said the percent of revenue spent on employee pay is expected to decline as the company zeroes in on tech-based ventures and 'four key projects' — which include Apple Card and Marcus, an online brand meant to be more consumer focused
The bank's chief financial officer, Stephen Scherr, said this week that the percent of revenue spent on employee pay is expected to decline as the company zeroes in on tech-based ventures and"four key projects" — which include Apple Card, which is its first credit card, and Marcus, an online brand meant to be more consumer focused.Scherr also said Goldman has been spending less on compensation because the company has brought in lower revenues.
In the most recently completed quarter, average pay per employee was $72,249, down from $83,168 a year earlier. Those figures do not include bonuses or other types of pay packages that can boost a person's annual compensation.Over the same period, Goldman's total number of employees increased to 37,800 from 36,300.
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