Babying Junior Mistmakers Costing Goldman Big
Turns out all of those grumpy Goldman Sachs old timers warning about the dangers of coddling the bank’s snowflakes (who aren’t even coming into the fucking office, for heaven’s sake!) were right.
In the final three months of 2021, Goldman’s profit dropped 13 percent from the previous year to $3.94 billion, or $10.81 a share, falling short of analysts’ expectations…. The bank reported “significantly higher compensation” expenses, which rose 33 percent in 2021 compared with a year earlier…. “There is real wage inflation everywhere in the economy — everywhere,” [CEO David] Solomon said.
Yes, but David: Goldman isn’t supposed to be like everywhere in the economy. It’s supposed to be like Goldman Sachs. Not that you’d understand.
Profit fell 13 percent for Goldman Sachs in 4th quarter as it raised employee pay. [NYT]
