Goldman Sachs released some disappointing earnings numbers this morning. In the report were details of the drop in compensation costs. According to the report, compensation expenses -- which includes salaries, bonuses and benefits -- fell to $3.2 billion for the second quarter of 2011.
BusinwessInsider says that represents a big 16% decline from this time last year.
Compare that to Q1 compensation costs this year, which clocked in at $5.23 billion and was only down 5% compared to Q1 2010.
Obviously, the culprit is the collapse in lucrative trading revenue, as customers retrench, and volumes go anemic….
Read more: http://www.businessinsider.com/goldman-sachs-bonus-compensation-q2-earnings-2011-7#ixzz1SZ4vXir7
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