The good news: some employees have been allowed to keep their jobs (if not their standing table at Eleven Madison Park). The less good news: those who've survived the recent layoffs have had their spending money cut by Lloyd and Gar.
Pay on Wall Street is falling as fast as big banks' profits and revenues for the first quarter. Goldman Sachs cut pay 40 percent year-over-year, the bank revealed on its first-quarter earnings call Tuesday. Compensation went from $4.45 billion in the first quarter of 2015 to $2.66 billion in the first quarter of this year.
If anyone's unhappy about that, CFO Harvey Schwartz has a tip: do a better job making the bank money.
The bank suffered a 23 percent drop in investment banking revenue in the first quarter. Fixed income trading revenue fell 47 percent to $1.66 billion and equities trading fell 23 percent as well, generating $1.78 billion. It translates into Goldman's lowest revenue tally since late 2011. "This is a performance-driven culture and our performance wasn't great" in the first quarter, Schwartz said to an analyst.