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Goldman’s Pay Pool Shrinks 1% in First Quarter After Job Cuts

Goldman Sachs Group Inc. set aside $4.34 billion to pay employees in the first quarter, about 1 percent less than a year earlier, as the firm employed 400 fewer people.

The compensation expense was equal 43 percent of revenue, down from 44 percent in the first quarter of 2012, the New York-based company said today in a statement. The sum, which covers salaries, benefits and accruals for year-end bonuses, is enough to give each of the bank’s 32,000 employees $135,594 for the first three months of the year.