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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":[],"fanSize":26,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"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.laohu8.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>华尔街的交易狂潮已经到期，人力资源部正在发送该法案。</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，将在2021年额外支付44亿美元的薪酬，导致该银行出现今年唯一的季度利润下降。摩根大通JPM-4.19%&Co.周五表示，2021年在薪酬上额外支出了36亿美元，花旗集团C-2.44%额外支出了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惊人的业绩，首先来自想要筹集债务的紧张公司，然后来自想要扩大帝国的自信首席执行官。喧闹的市场推动交易收入飙升。像高盛这样的公司竞相雇佣足够的员工来跟上大量的交易，现在正在付钱让他们不要跳槽。</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>2020年，随着业务蓬勃发展，但整体经济低迷，华尔街试图控制薪酬。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，高盛将薪酬提高了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David Solomon在与分析师的看涨期权上表示：“经济中到处都存在实际工资通胀。”</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，高盛全年也录得巨额利润。高盛投资银行公布了创纪录的年收入，其交易部门创下了12年来的最高年收入，推动该公司创下了创纪录的年收入和利润。</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>但薪酬支出拖累了第四季度业绩。高盛第四季度利润下降13%，至39.4亿美元，即每股10.81美元，结束了连续的大幅上涨。该银行的每股收益也未达到分析师的预期。</blockquote></p><p>Goldman’s revenue rose 8% to $12.64 billion, beating expectations.</p><p><blockquote>高盛营收增长8%至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85,000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>在高层，薪酬主要以股票奖励的形式出现，可能高达数百万美元。</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奖金。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·戴蒙上周在与分析师的看涨期权上表示：“我们将在薪酬方面具有竞争力。”“如果这会稍微挤压股东的利润，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>一些公司，如花旗集团，正在使用他们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将员工召回办公室方面更加积极，不过高盛上周告诉员工，由于奥密克戎变种，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>所罗门周二表示，他预计Covid-19将成为地方病，“作为一个社会，我们会找到一种与之共存的方法。”他表示，他乐观地认为，与早期的变种相比，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“灵活且动态”，“同时也使我们的大多数员工能够安全返回办公室。”</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，高盛继续受益于热情洋溢的交易。投资银行业务收入跃升45%至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，而股票交易收入则下降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服务的团队）的收入在第四季度增长了19%。由于消费者的信用卡余额增加，消费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（衡量其使用股东资金盈利情况的指标）继2020年的回报率为11.1%后，2021年为23%。2020年1月，高盛设定了到2023年至少13%的目标回报率。所罗门在接受采访时表示：“我感到自豪的是，我们的表现相对出色。”</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>华尔街的交易狂潮已经到期，人力资源部正在发送该法案。</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，将在2021年额外支付44亿美元的薪酬，导致该银行出现今年唯一的季度利润下降。摩根大通JPM-4.19%&Co.周五表示，2021年在薪酬上额外支出了36亿美元，花旗集团C-2.44%额外支出了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惊人的业绩，首先来自想要筹集债务的紧张公司，然后来自想要扩大帝国的自信首席执行官。喧闹的市场推动交易收入飙升。像高盛这样的公司竞相雇佣足够的员工来跟上大量的交易，现在正在付钱让他们不要跳槽。</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>2020年，随着业务蓬勃发展，但整体经济低迷，华尔街试图控制薪酬。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，高盛将薪酬提高了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David Solomon在与分析师的看涨期权上表示：“经济中到处都存在实际工资通胀。”</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，高盛全年也录得巨额利润。高盛投资银行公布了创纪录的年收入，其交易部门创下了12年来的最高年收入，推动该公司创下了创纪录的年收入和利润。</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>但薪酬支出拖累了第四季度业绩。高盛第四季度利润下降13%，至39.4亿美元，即每股10.81美元，结束了连续的大幅上涨。该银行的每股收益也未达到分析师的预期。</blockquote></p><p>Goldman’s revenue rose 8% to $12.64 billion, beating expectations.</p><p><blockquote>高盛营收增长8%至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85,000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>在高层，薪酬主要以股票奖励的形式出现，可能高达数百万美元。</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奖金。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·戴蒙上周在与分析师的看涨期权上表示：“我们将在薪酬方面具有竞争力。”“如果这会稍微挤压股东的利润，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>一些公司，如花旗集团，正在使用他们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将员工召回办公室方面更加积极，不过高盛上周告诉员工，由于奥密克戎变种，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>所罗门周二表示，他预计Covid-19将成为地方病，“作为一个社会，我们会找到一种与之共存的方法。”他表示，他乐观地认为，与早期的变种相比，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“灵活且动态”，“同时也使我们的大多数员工能够安全返回办公室。”</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，高盛继续受益于热情洋溢的交易。投资银行业务收入跃升45%至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，而股票交易收入则下降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服务的团队）的收入在第四季度增长了19%。由于消费者的信用卡余额增加，消费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（衡量其使用股东资金盈利情况的指标）继2020年的回报率为11.1%后，2021年为23%。2020年1月，高盛设定了到2023年至少13%的目标回报率。所罗门在接受采访时表示：“我感到自豪的是，我们的表现相对出色。”</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":970,"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,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/697499330"}
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