REUTERS/Paul Hackett If you want to earn a lot of money with a US bank in the City of London, newly-released figures published by Bloomberg suggest you should be looking for a job at Goldman Sachs.
Filings for 2013 show that Goldman’s highest-paid 121 staff get an average of $ 4.72 million (£3.03 million) each.
These code staff (senior decision-makers) got paid an average of £1.8 million just two years earlier, according to the Guardian. That’s a pay rise of 162% in two years. Who says there’s no wage growth?
Other major US banks pay their top staff barely half Goldman’s 2013 figure. Bank of America;s top 110 staff earn $ 2.54 million on average, and Morgan Stanley’s earn $ 2.39 million. JP Morgan’s most senior workers take home $ 2.37 million and Citigroup’s earn $ 2.13 million.
The banks are now required to release the pay details of these code staff under a EU ruling, which only goes back to 2011. But it’s quite clear that in the past couple of years at least, life has gotten a lot more comfortable for people at the very top of Goldman Sachs’ European operation.