This is unlikely to engender any good public feeling for the investment bank.
From the just-released Q2 earnings.
Compensation and benefits expenses (including salaries, estimated year-end discretionary compensation, amortization of equity awards and other items such as payroll taxes, severance costs and benefits) were $6.6bn, which was higher than the second quarter of 2008, primarily due to higher net revenues. The ratio of compensation and benefits to net revenues was 49.0% for the first half of 2009.
Right, higher net revenues. Except that that ratio of compensation and benefits to net revenues also increased.
It was 48 per cent in Q3 2008 and Q2 2008 – the nearest comparibles given Goldman have changed their fiscal-year.
