Goldman CEO says he sees ‘real wage inflation everywhere’ after 33% jump in pay expenses


People walk along Wall Street in the rain on July 08, 2021 in New York City.

Spencer Platt | Getty Images

Wall Street firms are playing catch up with employee compensation, boosting pay in the second year of a deal-making and trading boom.

That’s what Goldman Sachs CEO David Solomon conceded on Tuesday during a conference call with analysts to discuss the bank’s fourth-quarter results. At one point during trading, shares of the bank had fallen more than 8% after a jump in quarterly expenses took investors by surprise.

Analysts peppered Solomon and new CFO Denis Coleman with questions about the elevated expenses and their expectations for the future. The jump in compensation costs disclosed…


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