Goldman Sachs has produced a report for Goldman Sachs International, its London-based business, in 2015. As well as confirming that pay per head at the London office is still higher than pay at Goldman Sachs globally (around $400k on average in London, compared to $345k on average globally), the report shows who works in London exactly.
Goldman’s 6,149 London employees are far from all being investment bankers or salespeople and traders.
As the chart below shows, 2,755 of them work in “support functions” and another 527 are contractors. This means Goldman has 1.1 support staff and contractors to every revenue producer in the front office. That’s pretty good when you consider that the proportion at Deutsche is more like 2.6:1. However, Goldman keeps most of its support staff out of London in low cost locations like Mumbai and Poland.
The next biggest group of people at Goldman in London work in institutional clients services. Sales and trading, or market making for clients. This division employed 1,407 people in 2015.
There were another 721 people in investment banking. And another 593 people in investment management. ‘Investing and lending’, the Goldman division which makes loans and private equity investments, employed another 146 people.
Where’s all the hiring? It should come as no surprise that support functions accounted for the highest proportion of hiring in 2015. In combination, a net 441 extra support staff and consultants were added last year. By comparison, the net addition to headcount in institutional client services was just seven people. No division at Goldman Sachs International experienced a reduction in headcount last year.