The Strategist

Salaries in Goldman Sachs will be affected by staff competition with other banks

11/29/2023 - 08:08

US Goldman Sachs Group's pay policy will be impacted by employee competition with other banks prior to bonus season, Goldman Chief David Solomon told the Financial Times.

"Competition for top talent remains very high," he stated. "Consequently, our valuations also reflect this."

Employees at Goldman Sachs have complained about their reduced pay in 2022 over the last 12 months, according to the Financial Times.

Solomon mentioned China in the interview as well. He claimed that because of the tensions between Beijing and Washington, Goldman has given up on its "growth at all costs" approach in that market and is now acting more cautiously.

"The approach has become more conservative, and perhaps we have somewhat reduced our financial resources in that country - just because of the increased uncertainty," Solomon stated.