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Wall Street Gets Frugal With Employees After Pandemic Windfall

  • Average pay per employee rose $271 at top U.S. banks last year
  • Even where revenue soared, compensation costs rose much less
    
Photographer: Simon Dawson/Bloomberg

Deluged by client orders and often working from home, Goldman Sachs Group Inc.’s workforce generated 15% more revenue per employee during the tumult of 2020. But as the year wound down, the firm had spent an average of just 2% more on each person.

Inside JPMorgan Chase & Co.’s investment bank, revenue per employee surged 22%. The figure for pay: up 1%.