Goldman Sachs’ Irish operation doesn’t exactly hog the limelight in the same way as its UK and US peers (particularly at the moment), but 2009 was a bumper year for the firm. It also appears to be a very lucrative place to work.
Profits at Goldman Sachs Bank (Europe) Plc were $86.7m (€66.7m) in 2009, compared to $36.3m (€27.9m) in 2008, according to its latest annual report.
The firm employs just 48 people in Ireland (compared to 55 in 2008), yet spent a rather impressive $11.9m (€9.14m) in wages and salaries for the year. This was up from $10.7m (€8.22m) for the previous 12 months.
Taking an average payout per employee is never the most accurate indicator of actual earnings. However, this signals that compensation came in at a mean of $247k (€189k) per head.
The breakdown of job roles suggests that the spoils are very unlikely to be divided evenly, however. Just two people are employed in a trading and sales position, with the remaining 46 employees in support, finance, operations and technology jobs.
Goldman Sachs Bank Europe is involved in investment banking advice, deposit taking, secondary dealing in bank loans, secured funding hedge fund administration and private wealth management.