Worst News Of The Recession: Goldman Sachs (GS) Pay Drops 45%

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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