Average pay slashed by 15 per cent at Goldman Sachs International, the banking giant's European branch, for the year ended December 2015

Hayley Kirton
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People leave the Goldman Sachs building
Staff numbers went up but the pay bill went down (Source: Getty)

Pay has not been so golden for Goldman Sachs' European employees this last year, as the latest set of accounts for Goldman Sachs International shows that pay fell by an average of 15 per cent.

According to the accounts for the year ending December 2015, the wage bill for the banking giant's European arm fell to $2.45bn (£1.69bn), down 6.4 per cent from $2.62bn the year before.

Meanwhile, staff numbers, including temporary staff and consultants, rose to 6,149, up 10.2 per cent from 5,582, meaning average pay was $399,089 for the year ended 2015, down 15 per cent from $469,545 the year before.

Goldman Sachs International has declined to comment on its staff pay levels.

The company also reported that revenues rose to $7.02bn, up 9.1 per cent on $6.43bn in 2014, while profits before tax increased to $2.66bn, up 29.2 per cent from $2.06bn.

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