Wall Street titan Goldman Sachs is reportedly considering a bonus cut of at least 40 per cent this year.
The cuts will be deeper than rivals’, according to the Financial Times, as chief executive David Solomon grapples with costs.
One senior Goldman banker told the FT: ‘I think we’re going to be worse than the Street.’
Earnings slum: Goldman Sachs is planning to reorganise its business and reported a 44% fall in third-quarter profit
The expected cuts would be the worst since the financial crisis and follow a bumper year in 2021 when Wall Street banks enjoyed record fees from stock market listings and mergers.
Rivals JP Morgan, Citigroup and Bank of America are all reportedly cutting their investment banking bonus pools by 30 per cent.
A Goldman spokesman told the FT: ‘The compensation process is not yet completed so any discussion or forecast on specific numbers is premature.’
It is planning to reorganise its business and reported a 44 per cent fall in third-quarter profit.
There was a big fall in its income from dealmaking.
In January, Goldman increased its annual bonus pool for top performers by 40 per cent to 50 per cent.
Total pay and benefits for 2021 climbed 33 per cent to £14.5billion.
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