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Goldman’s Record Expenses Show Ballooning Costs of Talent War

  • Firm follows JPMorgan in boosting bankers’ pay and benefits
  • Shares slide most since 2020 after firms outline surging costs
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WATCH: Goldman shares tumbled. The bank’s equities traders posted a decline, and the firm ratcheted up payouts for employees. Nabila Ahmed reports.Source: Bloomberg

In the escalating battle for Wall Street’s best and brightest, banks are paying up and share prices are taking a hit.

Goldman Sachs Group Inc. is the latest industry giant to report record-high annual expenses fueled by soaring compensation and benefits costs. The bank’s earnings report on Tuesday followed JPMorgan Chase & Co., which surprised the market last week with expenses at an all-time high and Chief Executive Officer Jamie Dimon vowing to pay whatever it takes to win the war for talent.