If ever we needed confirmation that things ain't what they used it be, it's that the 'average' employee over at Goldman Sachs could well soon be earning less than is required to be in the top 1% of all earners in the United States. In other words, Wall Street could be joining Occupy Wall Street!
CNN reports that 'average' compensation at Goldman is likely to fall by nearly $100,000 by the end of next year as new regulations, fewer deals and legal payouts hurt the firm's profitability. That's the conclusion of a recent report from a European division of rival JPMorgan Chase.
Just two years ago the Goldman figure per employee was $412,000, falling to $368,000 last year, and with the analysts predicting it will come in at $314,000 for 2012.
Credit Suisse, in the report, was expected to be the second highest paying firm after Goldman at an 'average' pay of $280,000. The 'average comp' at Morgan Stanley (MS) could drop to $244,000.
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