Goldman Jolts Traders With Bonus Warning After Bumper Haul

12/2/2022 12:00:00 PM

02 Dec

Goldman Jolts Traders With Bonus Warning After Bumper Haul

Goldman Sachs Group Inc.’s traders, on the way to posting their biggest revenue haul in more than a decade, are in for a surprise as cost pressures force the firm’s leadership to cut their year-end bonuses.

Executives in the firm’s global markets division were warned this week that its compensation pool will be slashed by a low double-digit percentage, according to people with knowledge of the discussions. That diverges with industrywide projections and the unit’s own outperformance. Goldman’s annual trading revenue is on track to top $25 billion, with analysts estimating it will eclipse last year’s mark by 15%.

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