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Goldman Sachs Employees Could Earn $773,000 in 2009

The recession is still in full swing, but Goldman Sachs is on track for a record-setting year in terms of employee compensation. The firm yesterday reported second-quarter profits of $3.4 billion, and if it continues with the same success rate as the first half of 2009, employees would share a record bonus pool come year-end.

If the estimations materialize, Fortune points out, "The average Goldman worker could end up taking home more than 10 times the typical American family's income." The average employee would finish the year with approximately $773,000, more than doubling the $363,000 they took home in 2008 and trumping the $662,000 they made in 2007. Even if Goldman doesn't end up with a record-setting year, the pay scale is seen as a bit of a shock in light of the current economy.

Image Source: Getty
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cheekyredhead cheekyredhead 7 years
I believe that when one works hard you should be rewarded. The fact that they have already paid back the stimulus is a big deal. The car industry hasn't and they received MUCH more help. This makes me ponder....where has that $ which has been paid back from the stimulus gone? Seems that should be the focus. It would be easy to focus on this group getting bonuses when so many are doing without BUT they have paid their bills and moved on. Perhaps our leaders would rather us focus on this instead of where the stimulus money is going which has been already paid back.
lilkimbo lilkimbo 8 years
Anon, they didn't want to take the bailout money, but the law was written as such that the banks who didn't take it were actually punished in other ways. Additionally, the point of the bailout money was supposed to be that these banks could use it to get back into the red. Goldman Sachs has a surplus and is no longer operating on any government money. How is that not a success? They didn't NEED the bailout, they just took it. And yes, car companies did take a lot of government money before the bailout, but banks/investment groups really didn't.
lilkimbo lilkimbo 8 years
Why is it wrong for a successful company to reward its employees with bonuses? My understand is that Goldman Sachs did receive a relatively small amount of bailout money and has already paid it all back.
brilliance13 brilliance13 8 years
if the employees get bonuses that large you can only imagine the kinds of profits the business is raking in. yikes.... I don't even think my firm has bonuses this year even though we are doing relatively well globally in this economy.
ilanac13 ilanac13 8 years
there's something wrong with life when you hear stories like this. how is it even humanly possible for them to get that kind of bonus given the way the economy is. that's just WRONG and you have to know that bailout dollars are helping here and that's even more wrong!
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