In another sign that the recession is deepening, the average employee at Goldman Sachs (GS) will make only $363,654 a drop of 45% from last year. In other words, that would still pay the salaries of ten school teachers. Goldman personnel made that money even though the firm lost $60 billion in market cap.
According to Bloomberg, "Expenses for compensation and benefits fell 46 percent to $10.9 billion from a record $20.2 billion in 2007, the New York- based company said in a statement today. That provides an average $363,654 for each of the firm’s 30,067 employees, down from $661,490 for each of the 30,522 people employed last year."
It’s hard to be poor
Douglas A. McIntyre