Bloomberg reports that Goldman Sachs’ compensation expense climbed% in 2012, the first increase in three years, as revenue rose 19%.
The expense, which includes salaries, bonuses, benefits and deferred awards from previous years, advanced to $12.9bn for the year from $12.2bn in 2011, the New York-based company said Wednesday in a statement. The cost amounted to 38% of revenue, compared with 42% a year earlier.
The pay expense averages $399,506 per employee, up from $367,057 in 2011.
The news organisation also reports that JPMorgan Chase’s corporate and investment bank cut employee compensation costs 3% in 2012 to $11.3bn as the division generated 1% more revenue.
The expense was enough to give each of the division’s 52,151 employees $216,928, according to figures posted Wedneday on the New York-based company’s website.
In 2011, the unit set aside $11.7bn to pay traders, dealmakers and other personnel, or $217,600 for each of the 53,557 people on staff.
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