Wall Street is grappling with sharp declines in revenue after parts of the industry involved in taking companies public and issuing stocks and bonds seized up.
Despite the tough environment, trading has been a bright spot for Goldman. Geopolitical turmoil and central banks' moves to fight inflation led to higher activity in currencies, sovereign bonds and commodities, and the bank's fixed-income personnel took advantage of those opportunities.compared with the same period in 2021, while the company's overall revenue fell 21%, thanks to large declines in investment banking and asset management results.
"We always tell people their bonus is based on how they did, how their group did, and finally how the company did," said a person with knowledge of the company's processes. "This year, some of the good money traders made will have to go fund the other parts of the bonus pool." Employees should know that big banks including Goldman try to smooth out compensation volatility, meaning that valued workers contending with a slow environment may get better bonuses than the revenue figures would suggest, and vice versa, according to this person.
Investment bankers are likely to face the deepest pay cuts, with those involved in underwriting securities facing drops of up to 45%, according to industry consultants.
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