2019-04-15 — cnbc.com
Goldman posted first-quarter revenue that missed analysts' expectations, dropping 13% to $8.81 billion amid a tougher market for trading and investing.
The bank cut compensation and benefits set aside for employees in the first quarter by 20% to $3.26 billion, or about $90,780 for each of the bank's 35,900 workers. A year ago, that figure was $119,323 for each of the bank's 34,000 workers.
Compensation has been sliding on Wall Street ever since post-financial crisis rules crimped risk taking and as automation and electronic trading take over more flows from clients. Under CEO David Solomon, who took over in October, the firm is reevaluating all of its businesses and has already started to pull back resources from parts of underperforming areas like commodities trading. ''
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