Goldman Sachs has been forced to slash pay as the turmoil engulfing the banking industry slammed revenues last year.
The bank has announced a 56 per cent fall in fourth quarter profits, earning only $978m (£636m) compared to $2.2bn (£1.4bn) for the same period last year.
The earnings report still beat analysts predictions, causing shares in Wall Street's biggest bank to rise 2.3 per cent in premarket trading.
As a result, the bank is cracking down on the cost of rewarding its bankers. The cost of paying them dropped by 21 per cent to $12.2bn.
That puts average pay at the bank at $367,000 for its 33,300 employees at year-end, a decrease of 14.7 per cent on 2010.
Earnings translated to $1.84 (£1.19) per share, compared to forecasts of $1.24 (£0.80).