Goldman Keeping Lid on Pay Amid Rebound Cheers Investors
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Goldman Sachs Group Inc., the securities firm that set a Wall Street compensation record in 2007, is now demonstrating how little it can pay.
The portion of revenue allotted for salaries, bonuses, stock awards and benefits was 38 percent in 2012, down from 42 percent a year earlier and the lowest since 2009, the company said yesterday in a statement. The move helped the bank post a fourth-quarter profit that beat analysts’ estimates and pushed return on equity to 10.7 percent for the year, up from 3.7 percent in 2011. The stock climbed the most in 10 months.