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2022-01-19
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Goldman Pays Up for Talent, Sending Profits Down<blockquote>高盛支付人才费用，导致利润下降</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":697499330,"tweetId":"697499330","gmtCreate":1642552581829,"gmtModify":1642552582186,"author":{"id":3561094934768918,"idStr":"3561094934768918","authorId":3561094934768918,"authorIdStr":"3561094934768918","name":"Andrew168","avatar":"https://static.tigerbbs.com/f4cc55956fe095a06faa15e17f083db1","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":26,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body><p>Like </p></body></html>","htmlText":"<html><head></head><body><p>Like </p></body></html>","text":"Like","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/697499330","repostId":1135700824,"repostType":4,"repost":{"id":"1135700824","kind":"news","pubTimestamp":1642548881,"share":"https://www.laohunote.com/m/news/1135700824?lang=zh_CN&edition=full","pubTime":"2022-01-19 07:34","market":"us","language":"en","title":"Goldman Pays Up for Talent, Sending Profits Down<blockquote>高盛支付人才费用，导致利润下降</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135700824","media":"The Wall Street Journal","summary":"The bill has come due for Wall Street’s deal-making spree, and it is being sent by human resources.G","content":"<p><html><head></head><body>The bill has come due for Wall Street’s deal-making spree, and it is being sent by human resources.</p><p><blockquote><html><head></head><body>对于华尔街的交易狂潮来说，账单已经到期，而且是由人力资源部发送的。</body></html></blockquote></p><p>Goldman Sachs Group Inc. GS -6.97% said Tuesday it shelled out an additional $4.4 billion in compensation in 2021, sending the bank to its only quarterly profit decline of the year. JPMorgan Chase JPM -4.19% & Co. on Friday said it had spent an additional $3.6 billion on compensation in 2021, and Citigroup Inc. C -2.44% spent an additional $2.9 billion, dragging down its fourth-quarter profit as well.</p><p><blockquote>高盛集团 (Goldman Sachs Group Inc.) GS -6.97% 周二表示，2021 年将额外支付 44 亿美元的薪酬，使该银行今年唯一一次季度利润下降。摩根大通 JPM -4.19% & Co. 周五表示，2021 年已额外支出 36 亿美元用于薪酬，花旗集团 C -2.44% 额外支出 29 亿美元，也拖累了其第四季度利润。</blockquote></p><p>Investment-banking units across the industry have notched blockbuster results in the pandemic, first from nervous companies that wanted to raise debt and then from confident CEOs who wanted to expand their empires. Raucous markets pushed trading revenues skyward. Firms like Goldman have raced to hire enough people to keep up with the flood of deals and are now paying to keep them from jumping ship.</p><p><blockquote>整个行业的投资银行部门在疫情取得了巨大的成果，首先是想要筹集债务的紧张公司，然后是想要扩张帝国的自信首席执行官。喧闹的市场推动交易收入飙升。像高盛这样的公司一直在竞相雇佣足够多的人来跟上大量的交易，现在正在支付费用来防止他们跳槽。</blockquote></p><p>Wall Street tried to keep the lid on pay in 2020 as business boomed but the overall economy languished. Goldman raised compensation by 8% in 2020, even though revenue jumped 22%.</p><p><blockquote>随着商业蓬勃发展，华尔街在 2020 年试图保持薪酬上限，但整体经济却疲软。尽管收入增长了 22%，但高盛在 2020 年将薪酬提高了 8%。</blockquote></p><p>In 2021, Goldman boosted its pay by 33%. Revenue also jumped 33%.</p><p><blockquote>2021年，高盛加薪33%。收入也增长了 33%。</blockquote></p><p>“There is real wage inflation everywhere in the economy,” Goldman CEO David Solomon said on a call with analysts.</p><p><blockquote>“高盛首席执行官大卫-所罗门（David Solomon）在与分析师的看涨期权上说：”经济中到处都存在真正的工资通胀。</blockquote></p><p>Shares fell nearly 7%.</p><p><blockquote>股价下跌近7%。</blockquote></p><p>Like JPMorgan and Citigroup, Goldman recorded big profits for the full year. Goldman’s investment bank reported record annual revenue and its trading unit booked its highest annual revenue in 12 years, driving the firm to record annual revenue and profit.</p><p><blockquote>与摩根大通和花旗集团一样，高盛全年录得巨额利润。高盛的投资银行报告了创纪录的年收入，其交易部门的年收入创下了 12 年来的最高纪录，推动该公司创下了年收入和利润的历史新高。</blockquote></p><p>But the compensation expenses weighed on fourth-quarter results. Goldman’s fourth-quarter profit declined 13% to $3.94 billion, or $10.81 per share, ending what had been a streak of big gains. The bank also missed analysts’ forecasts for per-share earnings.</p><p><blockquote>但薪酬费用给第四季度业绩带来压力。高盛第四季度利润下降 13%，至 39.4 亿美元，合每股 10.81 美元，结束了连续大幅上涨的势头。该银行的每股收益也未达到分析师的预测。</blockquote></p><p>Goldman’s revenue rose 8% to $12.64 billion, beating expectations.</p><p><blockquote>高盛收入增长 8%，达到 126.4 亿美元，超出预期。</blockquote></p><p>Wall Street’s battle for talent has played out at all levels. Multiple firms raised salaries last year for junior bankers, many of whom found the grunt work of entry-level banking less appealing when they were doing it from home. Goldman, for example, increased base pay for its entry-level employees—first-year analysts—to $110,000, a nearly 30% increase from the previous starting salary of $85,000.</p><p><blockquote>华尔街的人才争夺战已经在各个层面展开。去年，多家公司提高了初级银行家的工资，其中许多人发现，当他们在家工作时，入门级银行业务的繁重工作吸引力较小。例如，高盛将其入门级员工（第一年分析师）的基本工资提高到 11 万美元，比之前 8.5 万美元的起薪增长了近 30%。</blockquote></p><p>At senior levels, pay is largely in the form of stock awards and can stretch into the millions.</p><p><blockquote>在高级职位上，薪酬主要以股票奖励的形式出现，最高可达数百万美元。</blockquote></p><p>Goldman is also giving its partners an additional one-time stock bonus. The additional grant was first reported by Bloomberg News.</p><p><blockquote>高盛还向其合作伙伴提供额外的一次性股票红利。彭博新闻社首先报道了这笔额外拨款。</blockquote></p><p>JPMorgan this week is awarding investment bankers bonuses from a pool that is 30% to 40% higher than it was a year ago, according to a person familiar with the matter.</p><p><blockquote>据一位知情人士透露，摩根大通本周向投资银行家发放的奖金池比一年前高出 30% 至 40%。</blockquote></p><p>“We will be competitive in pay,” JPMorgan CEO Jamie Dimon said last week on a call with analysts. “If that squeezes margins a little bit for shareholders, so be it.”</p><p><blockquote>“摩根大通首席执行官杰米-戴蒙（Jamie Dimon）上周在与分析师举行的看涨期权上表示：”我们将在薪酬方面具有竞争力。“如果这会挤压股东的利润，那就这样吧。”</blockquote></p><p>Some firms, like Citigroup, are using their more-flexible work-from-home policies as a recruiting tool. Goldman and JPMorgan were more aggressive last year in calling employees back to the office, though Goldman told employees last week that they could work from home until Feb. 1 because of the Omicron variant.</p><p><blockquote>花旗集团等一些公司正在利用其更灵活的在家工作政策作为招聘工具。高盛和摩根大通去年在召集员工回到办公室方面更加积极，尽管高盛上周告诉员工，由于奥密克戎变体，他们可以在家工作到 2 月 1 日。</blockquote></p><p>Mr. Solomon said Tuesday he expects Covid-19 will become endemic and that “as a society we will find a way to live with it.” He said he is optimistic that Omicron’s economic impact will be relatively muted compared with earlier variants.</p><p><blockquote>所罗门先生周二表示，他预计 Covid-19 将成为地方病，“作为一个社会，我们将找到与之共存的方法”。他说，他乐观地认为，与早期的变体相比，奥密克戎的经济影响将相对较小。</blockquote></p><p>Mr. Solomon also said that Goldman will be “flexible and dynamic” with protocols, “while also enabling the majority of our people to be back in the office safely.”</p><p><blockquote>所罗门先生还表示，高盛将在协议方面保持 “灵活和动态 ”，“同时也能让我们的大多数人安全地回到办公室”。</blockquote></p><p>Overall, Goldman continued to benefit from ebullient deal making. Investment banking revenue jumped 45% to $3.8 billion, with demand for mergers and acquisitions still brisk. JPMorgan and Citigroup last week also reported big gains in investment-banking fees.</p><p><blockquote>总体而言，高盛继续受益于热烈的交易。投资银行收入跃升 45%，达到 38 亿美元，并购需求依然旺盛。摩根大通和花旗集团上周也报告投资银行业务费用大幅上涨。</blockquote></p><p>Trading revenue was $3.99 billion, down 7% as pandemic-induced volatility in capital markets subsided. Trading revenue fell 11% at JPMorgan and 17% at Citigroup.</p><p><blockquote>随着疫情引发的资本市场波动消退，交易收入为 39.9 亿美元，下降 7%。摩根大通的交易收入下降了 11%，花旗集团的交易收入下降了 17%。</blockquote></p><p>Bond-trading revenue of $1.86 billion was essentially flat from a year earlier, while stock-trading revenue shrank 11%.</p><p><blockquote>债券交易收入为 18.6 亿美元，与去年同期基本持平，而股票交易收入则萎缩 11%。</blockquote></p><p>While profits are still flowing from Wall Street, Goldman is working to grow its businesses that cater directly to consumers. Revenue from its consumer and wealth management unit, which includes the Marcus consumer bank and the team serving wealthy clients, rose 19% in the fourth quarter. Consumer banking revenue grew 8% as consumers carried higher credit card balances.</p><p><blockquote>虽然利润仍来自华尔街，但高盛正在努力发展直接迎合消费者的业务。其消费者和财富管理部门（包括马库斯消费者银行和为富裕客户提供服务的团队）的收入在第四季度增长了 19%。随着消费者信用卡余额增加，消费者银行业务收入增长了 8%。</blockquote></p><p>The bank’s return on equity, a measure of how profitably it uses shareholders’ money, was 23% in 2021 after a return of 11.1% in 2020. In January 2020, Goldman set a target return of at least 13% by 2023. “The story I’m proud of is our outperformance on a relative basis,” Mr. Solomon said in an interview.</p><p><blockquote>该银行的股本回报率是衡量其利用股东资金盈利程度的指标，2021 年为 23%，而 2020 年的回报率为 11.1%。2020年1月，高盛设定了到2023年至少13%的回报率目标。“所罗门先生在接受采访时说：”我引以为豪的是我们在相对基础上的优异表现。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman Pays Up for Talent, Sending Profits Down<blockquote>高盛支付人才费用，导致利润下降</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman Pays Up for Talent, Sending Profits Down<blockquote>高盛支付人才费用，导致利润下降</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2022-01-19 07:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The bill has come due for Wall Street’s deal-making spree, and it is being sent by human resources.</p><p><blockquote><html><head></head><body>对于华尔街的交易狂潮来说，账单已经到期，而且是由人力资源部发送的。</body></html></blockquote></p><p>Goldman Sachs Group Inc. GS -6.97% said Tuesday it shelled out an additional $4.4 billion in compensation in 2021, sending the bank to its only quarterly profit decline of the year. JPMorgan Chase JPM -4.19% & Co. on Friday said it had spent an additional $3.6 billion on compensation in 2021, and Citigroup Inc. C -2.44% spent an additional $2.9 billion, dragging down its fourth-quarter profit as well.</p><p><blockquote>高盛集团 (Goldman Sachs Group Inc.) GS -6.97% 周二表示，2021 年将额外支付 44 亿美元的薪酬，使该银行今年唯一一次季度利润下降。摩根大通 JPM -4.19% & Co. 周五表示，2021 年已额外支出 36 亿美元用于薪酬，花旗集团 C -2.44% 额外支出 29 亿美元，也拖累了其第四季度利润。</blockquote></p><p>Investment-banking units across the industry have notched blockbuster results in the pandemic, first from nervous companies that wanted to raise debt and then from confident CEOs who wanted to expand their empires. Raucous markets pushed trading revenues skyward. Firms like Goldman have raced to hire enough people to keep up with the flood of deals and are now paying to keep them from jumping ship.</p><p><blockquote>整个行业的投资银行部门在疫情取得了巨大的成果，首先是想要筹集债务的紧张公司，然后是想要扩张帝国的自信首席执行官。喧闹的市场推动交易收入飙升。像高盛这样的公司一直在竞相雇佣足够多的人来跟上大量的交易，现在正在支付费用来防止他们跳槽。</blockquote></p><p>Wall Street tried to keep the lid on pay in 2020 as business boomed but the overall economy languished. Goldman raised compensation by 8% in 2020, even though revenue jumped 22%.</p><p><blockquote>随着商业蓬勃发展，华尔街在 2020 年试图保持薪酬上限，但整体经济却疲软。尽管收入增长了 22%，但高盛在 2020 年将薪酬提高了 8%。</blockquote></p><p>In 2021, Goldman boosted its pay by 33%. Revenue also jumped 33%.</p><p><blockquote>2021年，高盛加薪33%。收入也增长了 33%。</blockquote></p><p>“There is real wage inflation everywhere in the economy,” Goldman CEO David Solomon said on a call with analysts.</p><p><blockquote>“高盛首席执行官大卫-所罗门（David Solomon）在与分析师的看涨期权上说：”经济中到处都存在真正的工资通胀。</blockquote></p><p>Shares fell nearly 7%.</p><p><blockquote>股价下跌近7%。</blockquote></p><p>Like JPMorgan and Citigroup, Goldman recorded big profits for the full year. Goldman’s investment bank reported record annual revenue and its trading unit booked its highest annual revenue in 12 years, driving the firm to record annual revenue and profit.</p><p><blockquote>与摩根大通和花旗集团一样，高盛全年录得巨额利润。高盛的投资银行报告了创纪录的年收入，其交易部门的年收入创下了 12 年来的最高纪录，推动该公司创下了年收入和利润的历史新高。</blockquote></p><p>But the compensation expenses weighed on fourth-quarter results. Goldman’s fourth-quarter profit declined 13% to $3.94 billion, or $10.81 per share, ending what had been a streak of big gains. The bank also missed analysts’ forecasts for per-share earnings.</p><p><blockquote>但薪酬费用给第四季度业绩带来压力。高盛第四季度利润下降 13%，至 39.4 亿美元，合每股 10.81 美元，结束了连续大幅上涨的势头。该银行的每股收益也未达到分析师的预测。</blockquote></p><p>Goldman’s revenue rose 8% to $12.64 billion, beating expectations.</p><p><blockquote>高盛收入增长 8%，达到 126.4 亿美元，超出预期。</blockquote></p><p>Wall Street’s battle for talent has played out at all levels. Multiple firms raised salaries last year for junior bankers, many of whom found the grunt work of entry-level banking less appealing when they were doing it from home. Goldman, for example, increased base pay for its entry-level employees—first-year analysts—to $110,000, a nearly 30% increase from the previous starting salary of $85,000.</p><p><blockquote>华尔街的人才争夺战已经在各个层面展开。去年，多家公司提高了初级银行家的工资，其中许多人发现，当他们在家工作时，入门级银行业务的繁重工作吸引力较小。例如，高盛将其入门级员工（第一年分析师）的基本工资提高到 11 万美元，比之前 8.5 万美元的起薪增长了近 30%。</blockquote></p><p>At senior levels, pay is largely in the form of stock awards and can stretch into the millions.</p><p><blockquote>在高级职位上，薪酬主要以股票奖励的形式出现，最高可达数百万美元。</blockquote></p><p>Goldman is also giving its partners an additional one-time stock bonus. The additional grant was first reported by Bloomberg News.</p><p><blockquote>高盛还向其合作伙伴提供额外的一次性股票红利。彭博新闻社首先报道了这笔额外拨款。</blockquote></p><p>JPMorgan this week is awarding investment bankers bonuses from a pool that is 30% to 40% higher than it was a year ago, according to a person familiar with the matter.</p><p><blockquote>据一位知情人士透露，摩根大通本周向投资银行家发放的奖金池比一年前高出 30% 至 40%。</blockquote></p><p>“We will be competitive in pay,” JPMorgan CEO Jamie Dimon said last week on a call with analysts. “If that squeezes margins a little bit for shareholders, so be it.”</p><p><blockquote>“摩根大通首席执行官杰米-戴蒙（Jamie Dimon）上周在与分析师举行的看涨期权上表示：”我们将在薪酬方面具有竞争力。“如果这会挤压股东的利润，那就这样吧。”</blockquote></p><p>Some firms, like Citigroup, are using their more-flexible work-from-home policies as a recruiting tool. Goldman and JPMorgan were more aggressive last year in calling employees back to the office, though Goldman told employees last week that they could work from home until Feb. 1 because of the Omicron variant.</p><p><blockquote>花旗集团等一些公司正在利用其更灵活的在家工作政策作为招聘工具。高盛和摩根大通去年在召集员工回到办公室方面更加积极，尽管高盛上周告诉员工，由于奥密克戎变体，他们可以在家工作到 2 月 1 日。</blockquote></p><p>Mr. Solomon said Tuesday he expects Covid-19 will become endemic and that “as a society we will find a way to live with it.” He said he is optimistic that Omicron’s economic impact will be relatively muted compared with earlier variants.</p><p><blockquote>所罗门先生周二表示，他预计 Covid-19 将成为地方病，“作为一个社会，我们将找到与之共存的方法”。他说，他乐观地认为，与早期的变体相比，奥密克戎的经济影响将相对较小。</blockquote></p><p>Mr. Solomon also said that Goldman will be “flexible and dynamic” with protocols, “while also enabling the majority of our people to be back in the office safely.”</p><p><blockquote>所罗门先生还表示，高盛将在协议方面保持 “灵活和动态 ”，“同时也能让我们的大多数人安全地回到办公室”。</blockquote></p><p>Overall, Goldman continued to benefit from ebullient deal making. Investment banking revenue jumped 45% to $3.8 billion, with demand for mergers and acquisitions still brisk. JPMorgan and Citigroup last week also reported big gains in investment-banking fees.</p><p><blockquote>总体而言，高盛继续受益于热烈的交易。投资银行收入跃升 45%，达到 38 亿美元，并购需求依然旺盛。摩根大通和花旗集团上周也报告投资银行业务费用大幅上涨。</blockquote></p><p>Trading revenue was $3.99 billion, down 7% as pandemic-induced volatility in capital markets subsided. Trading revenue fell 11% at JPMorgan and 17% at Citigroup.</p><p><blockquote>随着疫情引发的资本市场波动消退，交易收入为 39.9 亿美元，下降 7%。摩根大通的交易收入下降了 11%，花旗集团的交易收入下降了 17%。</blockquote></p><p>Bond-trading revenue of $1.86 billion was essentially flat from a year earlier, while stock-trading revenue shrank 11%.</p><p><blockquote>债券交易收入为 18.6 亿美元，与去年同期基本持平，而股票交易收入则萎缩 11%。</blockquote></p><p>While profits are still flowing from Wall Street, Goldman is working to grow its businesses that cater directly to consumers. Revenue from its consumer and wealth management unit, which includes the Marcus consumer bank and the team serving wealthy clients, rose 19% in the fourth quarter. Consumer banking revenue grew 8% as consumers carried higher credit card balances.</p><p><blockquote>虽然利润仍来自华尔街，但高盛正在努力发展直接迎合消费者的业务。其消费者和财富管理部门（包括马库斯消费者银行和为富裕客户提供服务的团队）的收入在第四季度增长了 19%。随着消费者信用卡余额增加，消费者银行业务收入增长了 8%。</blockquote></p><p>The bank’s return on equity, a measure of how profitably it uses shareholders’ money, was 23% in 2021 after a return of 11.1% in 2020. In January 2020, Goldman set a target return of at least 13% by 2023. “The story I’m proud of is our outperformance on a relative basis,” Mr. Solomon said in an interview.</p><p><blockquote>该银行的股本回报率是衡量其利用股东资金盈利程度的指标，2021 年为 23%，而 2020 年的回报率为 11.1%。2020年1月，高盛设定了到2023年至少13%的回报率目标。“所罗门先生在接受采访时说：”我引以为豪的是我们在相对基础上的优异表现。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/goldman-sachs-sees-profit-slip-13-11642510248?mod=hp_lead_pos3\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GS":"高盛"},"source_url":"https://www.wsj.com/articles/goldman-sachs-sees-profit-slip-13-11642510248?mod=hp_lead_pos3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135700824","content_text":"The bill has come due for Wall Street’s deal-making spree, and it is being sent by human resources.Goldman Sachs Group Inc. GS -6.97% said Tuesday it shelled out an additional $4.4 billion in compensation in 2021, sending the bank to its only quarterly profit decline of the year. JPMorgan Chase JPM -4.19% & Co. on Friday said it had spent an additional $3.6 billion on compensation in 2021, and Citigroup Inc. C -2.44% spent an additional $2.9 billion, dragging down its fourth-quarter profit as well.Investment-banking units across the industry have notched blockbuster results in the pandemic, first from nervous companies that wanted to raise debt and then from confident CEOs who wanted to expand their empires. Raucous markets pushed trading revenues skyward. Firms like Goldman have raced to hire enough people to keep up with the flood of deals and are now paying to keep them from jumping ship.Wall Street tried to keep the lid on pay in 2020 as business boomed but the overall economy languished. Goldman raised compensation by 8% in 2020, even though revenue jumped 22%.In 2021, Goldman boosted its pay by 33%. Revenue also jumped 33%.“There is real wage inflation everywhere in the economy,” Goldman CEO David Solomon said on a call with analysts.Shares fell nearly 7%.Like JPMorgan and Citigroup, Goldman recorded big profits for the full year. Goldman’s investment bank reported record annual revenue and its trading unit booked its highest annual revenue in 12 years, driving the firm to record annual revenue and profit.But the compensation expenses weighed on fourth-quarter results. Goldman’s fourth-quarter profit declined 13% to $3.94 billion, or $10.81 per share, ending what had been a streak of big gains. The bank also missed analysts’ forecasts for per-share earnings.Goldman’s revenue rose 8% to $12.64 billion, beating expectations.Wall Street’s battle for talent has played out at all levels. Multiple firms raised salaries last year for junior bankers, many of whom found the grunt work of entry-level banking less appealing when they were doing it from home. Goldman, for example, increased base pay for its entry-level employees—first-year analysts—to $110,000, a nearly 30% increase from the previous starting salary of $85,000.At senior levels, pay is largely in the form of stock awards and can stretch into the millions.Goldman is also giving its partners an additional one-time stock bonus. The additional grant was first reported by Bloomberg News.JPMorgan this week is awarding investment bankers bonuses from a pool that is 30% to 40% higher than it was a year ago, according to a person familiar with the matter.“We will be competitive in pay,” JPMorgan CEO Jamie Dimon said last week on a call with analysts. “If that squeezes margins a little bit for shareholders, so be it.”Some firms, like Citigroup, are using their more-flexible work-from-home policies as a recruiting tool. Goldman and JPMorgan were more aggressive last year in calling employees back to the office, though Goldman told employees last week that they could work from home until Feb. 1 because of the Omicron variant.Mr. Solomon said Tuesday he expects Covid-19 will become endemic and that “as a society we will find a way to live with it.” He said he is optimistic that Omicron’s economic impact will be relatively muted compared with earlier variants.Mr. Solomon also said that Goldman will be “flexible and dynamic” with protocols, “while also enabling the majority of our people to be back in the office safely.”Overall, Goldman continued to benefit from ebullient deal making. Investment banking revenue jumped 45% to $3.8 billion, with demand for mergers and acquisitions still brisk. JPMorgan and Citigroup last week also reported big gains in investment-banking fees.Trading revenue was $3.99 billion, down 7% as pandemic-induced volatility in capital markets subsided. Trading revenue fell 11% at JPMorgan and 17% at Citigroup.Bond-trading revenue of $1.86 billion was essentially flat from a year earlier, while stock-trading revenue shrank 11%.While profits are still flowing from Wall Street, Goldman is working to grow its businesses that cater directly to consumers. Revenue from its consumer and wealth management unit, which includes the Marcus consumer bank and the team serving wealthy clients, rose 19% in the fourth quarter. Consumer banking revenue grew 8% as consumers carried higher credit card balances.The bank’s return on equity, a measure of how profitably it uses shareholders’ money, was 23% in 2021 after a return of 11.1% in 2020. In January 2020, Goldman set a target return of at least 13% by 2023. “The story I’m proud of is our outperformance on a relative basis,” Mr. Solomon said in an interview.","news_type":1,"symbols_score_info":{"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":1274,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/697499330"}
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