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AP National Business

Goldman Sachs Q4 profits fall as compensation costs soar

KIFI
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Published 6:49 AM

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Goldman Sachs’ said its fourth-quarter profits fell by 13% from a year earlier, largely due to the bank preparing to pay out hefty pay packages to its well-compensated employees. It’s the latest sign that wages are increasing sharply, particularly on Wall Street. The New York-based investment bank earned $3.94 billion, or $10.81 a share. That’s down from $4.51 billion, or $12.08 a share, in the same period a year earlier. The results missed analysts’ expectations, who were looking for on average a profit of $11.80 a share, according to FactSet. 

Article Topic Follows: AP National Business

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