re: Average Goldman Sachs worker made $110K in first quarter '18.

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Goldman Sachs distributing profits to their executives

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Average Goldman Sachs worker

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The average Goldman Sachs worker is an executive?

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What have they done to the economics of this country? Be specific.

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Using peoples mortgages as collatoral, making bad bets on them, then being unable to pay back said bad bets, only to then be bailed out by taxpayer funds...

Is not a good look.

Sorry I've been listening to a lot of Bill Burr.

End the fed.

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Goldman's exposure to that was minimal compared to their peers. They also didn't need the TARP money and paid it back quickly.

Why do you think Goldman was one of the guys who came out of it relatively unscathed whereas their peers (JPM, as a comparison) had to be acquired?

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Yes thats true. And I agree that GS came out ahead compared to their peers.

My point had more to do with the IB infustry as a whole. You cant deny that had a profound impact on this countrys economy.

Quite amazing the vitriol constantly thrown Goldman’s way relative to peers considering the risk appetite/profile they maintain.

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For bankers, research analysts, and traders in certain high CoL offices, yes. I’m an associate and don’t come close to those figs; I’m not a FO role in IB, research, or trading and neither are 95% of employees.

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Just FYI, I was basing my numbers off Chicago and New York offices. That's a little surprising to me that it can vary so much. Consulting isn't like that - a McKinsey associate is getting paid the same whether in New York or Atlanta.

Don't care

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That means the average compensation for a Goldman worker was more than $110,000 during the three months, up from an average of $96,500 a year ago.

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Who cars how much they make? Go to a good school, be smart and work hard. It also helps to know people.

Good friend of mine works for Goldman in Dallas. Smart dude who works his arse off. He should be making that kind of money.

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Yes thats true. And I agree that GS came out ahead compared to their peers.

My point had more to do with the IB infustry as a whole. You cant deny that had a profound impact on this countrys economy.

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I think Goldman is something of an unfair punching bag when it comes to this stuff. They have had their black eyes, but as often as not, when you really start digging into the issues that have surrounded them at times, the picture is a lot more complicated than the media makes it seem.

They were far, far from the worst actor during the crisis and are still far from the worst actor as far as investment banks go. They were (relatively) minimally exposed and had little to do with the crisis other than trying to ride out the wave.

Investment banking still bears a lot of the stain from the crisis, but in truth, compensation is really no different than other higher end professional service firms - the top corporate law, strategy consulting, marketing, and (especially) tech firms all pay in the same range. They all recruit from the same schools. They all have fairly flat pyramids and large jumps in compensation the higher you go on the totem pole. I would be fairly certain that for comparable strategy consulting and tech firms to Goldman, the pay per hour is probably a lot better. The sexiness of the industry has also worn off a lot since the late 00's. They are struggling to keep talent from going to the Googles and Amazons of the world, and they are trying to keep up.

I don't begrudge those guys what they make at all. I've seen first-hand how hard they work and how much of a grind that stuff is, at least if they are on the client stuff. I know both how competitive it is to get those jobs and how much they have to pay to keep talent.