Bankers at Goldman Sachs International in London are rumoured to be rough and ready and highly competitive. So said Greg Smith in his "tell all" book on working at Goldman, published in 2012. Unfortunately, their performance in 2013 leaves them without much to be proud of. But at least they're getting paid.
In the 12 months to the 31st of December 2013, profits at Goldman Sachs International (Goldman's London-based subsidiary) fell by 75%, from £684m to £169m, according to accounts just lodged with Companies House in the UK. Over the same period, pay per head, excluding employment taxes and pensions, went from an average of $594k (£353k) to $610k (£362k).
Good work if you can get it. Despite its bad year, Goldman paid its London staff a little better than JPMorgan ($559k) and a lot better than Citigroup ($384k).
During 2013, Goldman said competition for its staff had "often been intense." It says this was especially the case in, "emerging and growth markets" where it was competing with more established players.
As ever, pay at Goldman is likely to have been heavily skewed towards a few high earners in front office (revenue generating) positions. As the chart below shows, around 40% of staff at Goldman Sachs International work in support positions. In 2013 the firm trimmed its large trading unit and added to its investment banking and investment management teams.
Source: Goldman Sachs