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The first-half compensation expense, at 44 percent of revenue, is enough to pay each of Goldman Sachs’s 32,300 employees $225,789 for the first six months of the year. The firm set aside $8.44 billion a year earlier, which was 44 percent of revenue and equal to an average $237,662 for each of the 35,500 people employed by Goldman Sachs at the time.
JPMorgan Chase & Co. (JPM), the biggest U.S. bank by assets, cut first-half compensation expenses at its investment bank 16 percent to $4.91 billion, or 35 percent of revenue. That would be enough to pay each of the 26,553 workers in the unit an average of $184,989 for the period.
In the first half of 2011, JPMorgan allocated $5.86 billion for compensation in the unit, or 38 percent of revenue. That was enough to pay an average $211,358 for each of the 27,716 employees at the time.
So comp pool down 16.3% at JPM and 13.6% at GS.
So what you're saying is that compensation is poised to zoom upward. What NY real estate is in now is "the dip" you've heard so much about. Buy now! Or
Goldman seems to have cut back on the number of employees a lot more than JP Morgan, so it looks like the per capita drop there is only ~5% versus ~12.5% at JPM.
> So comp pool down 16.3% at JPM and 13.6% at GS.
BULLISH!!!! .. 8)
This was mentioned before but seems like less employees will take home bigger chunk of total comp, hence higher end properties will be bid while mid/lower end should be under pressure (mid/low end for finance).
> less employees will take home bigger chunk
Remains to be seen if this is true ...
Sprint!!!!!! They should have been paid in sprint shares!
My July 21 $3.50 call options (100k shares) went up 250% in 2 days. Flmaozzz.
Fk. Paid the one employee left at Goldman $100mm. Who gives a fk. The last one standing ain't blowing his wad on bubble nyc re. Flmaozz.
"So what you're saying is that compensation is poised to zoom upward."
"This was mentioned before but seems like less employees will take home bigger chunk of total comp, hence higher end properties will be bid while mid/lower end should be under pressure (mid/low end for finance)."
How do you figure? Say average comp per employee is down, and total comp is down. Typically, you get more of the upside the higher up you are.
For example, GS's average comp in 2011 was $661K vs. $367K in 2007. For Lloyd, it was $54M vs. $16M. That means the average comp was 55% of what it used to be, but for Lloyd it was 30%.
This becomes even more skewed once you take out the highest-paid employees. Imagine we created a microcosm of the skew at GS by taking a single Lloyd and 130 employees. If Lloyd got paid $54M in 2007 and the rest got paid $250K, you'd end up with $661K on average. Now if Lloyd got paid $16M in 2011, you can still pay the other 130 employees $247K to achieve a $367K average. I.e., Lloyd's comp dropped to 30% of what it previously was while the $250K employees still got 99%.
It probably wasn't that skewed, but you get the picture.
Did Goleman just announce that trading profits were down 90%? Sure that won't affect what they put away for compensation now...
Ino, i think the main revenue makers they have to pay - so plenty of highly paid guys' comp was down way less than average. Lloyd was def not the highest paid guy there in 2011, def not even in 2007.
Jbutton. Just stfu and tell your clients to get into nyc re bf the crazed goldman bankers with their huge dicks, outsized bonuses and sized 4 girlfriends w/ 36DDD get paid in April 2013!!!!
Hurryz. Hurryz. Bf the Goldman bankers takez youz' wife!
Your only hope is to buy bf they do!!!!
So BULLISH!!!! Buy now or...
> So BULLISH!!!! Buy now or...
Buy now or wait and get a bigger bargain as LIeBOR-gate gets every banks to fest up to billions of dollars in pending settlements and further downsizing on the Street ...
I'm convinced, str33teasier isn't caonima or Brooks2. Ignore all facts to the contrary.
rich will get richer. at 50mm level it is all funny money, i sell to you here, buy from you here. that means 99.9% of us are screwed. and gs comp indicates to me top parnters will get richer and the already are 1-2 properties deep in nyc, so why buy more. lower priced properties will suffer I say (from Ino's range to W64 range 3m - 350k).
you are my client jacko, i charge the shait out of you to buy those S options
takeaway: buy now before some goldman guy steals your wife
is that a bad thing?
by the way, both GS and BAC prop trading rev have "collapsed." Their most profitable revenue stream.
More good news! Bullish!
Wall Street ax: The six largest U.S. banks have cut 18,000 jobs in the last year, according to The Wall Street Journal, and the industry is showing no signs of slowing down its cost-saving efforts. Goldman Sachs said it would pare an additional $500 million in expenses in the second half of the year, in part by relying on younger, cheaper bankers; Bank of America is aiming to decrease annual spending by $3 billion by 2015; Credit Suisse told New York’s Department of Labor that it would cut 138 jobs beginning next month.
Think of the fees! Somewhere a lawyer is drooling over the possibility that Wall Street firms that don’t participate in setting Libor will start suing the firms that do. Asked about such a legal stance during Goldman Sachs’ second-quarter earnings call, Chief Financial Office David Viniar demurred. The more banks enter settlements like Barclays $451 million pact with regulators, the higher the likelihood of interbank lawsuits, Bloomberg reports.
MS 50% drop in earnings.. 48% drop in trading revunue. More job cuts-- 4000 by year end
comp and benefits down 21% from a year earlier
DB considering more job cuts(mostly oustide of Germany) as revenue declines
brooks2 .. it's all BULLISH*T ... 8)
1 day ago
Member since: Mar 2012
ignore this person
takeaway: buy now before some goldman guy steals your wife
Get over it. Your wife would have left you for the dog catcher.
Don't forget lots of $$$ in stock. And if you look, GS stock is in the toilet.
> Don't forget lots of $$$ in stock
very, very true .. after 08, a lot of the Street's compensation was shifted to stock options instead of the cash bonus.
"brooks2 .. it's all BULLISH*T ... 8)"
some fine analytical work, good job. particularly as a response to db shedding jobs. you'd think that would be a not bullshit, good on them, they need to purge type response.
33easier, i have no interest in engaging with you, you seem only slightly more cogent than mutombo, but fuck, if you really want to engage you might want to consider trying to write in a way that encourages conversation.
> 33easier, i have no interest in engaging with you, you seem only slightly more cogent than mutombo, but fuck, if you really want to engage you might want to consider trying to write in a way that encourages conversation.
ar, it's sarcasm .. shheeeshush!! r u always this uptight ?