Compensation Plunges At Goldman, 4% Of Workforce Gets Canned

As we already noted, Goldman turned in an ugly Q3 earnings report.

One sub-factor you’ll be interested in knowing about. Compensation collapsed.

The accrual for compensation and benefits expenses (including salaries, estimated year-end discretionary compensation, amortization of equity awards and other items such as benefits) was $1.58 billion for the third quarter of 2011, a 59% decline compared with the third quarter of 2010. The ratio of compensation and benefits to net revenues for the first nine months of 2011 was 44.0%. Total staff levels decreased 4% compared with the end of the second quarter of 2011.

Bad news for NYC tax revenues.

Watch below: The Highs And Lows Of The Busiest Day In Earnings This Season

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.