Goldman Sachs’ pay and benefits spend up 6%

Goldman Sachs’ 2012 spend on compensation and benefits for its 32,400 global employees is 6% higher than in 2011.

The investment bank’s 2012 Annual and fourth quarter results found that its compensation and benefits expenses, including salaries, discretionary compensation, equity awards and benefits, stood at $12.94 billion (£8.1 billion) in 2012, 6% higher than in 2011 when it was $12.22 billion (£7.6 billion).

The ratio of compensation and benefits to net revenues for 2012 was 38% in 2012, compared to 42% in 2011.

However, Reuters has reported that, in the fourth quarter of 2012, Goldman Sachs halved the percentage of revenues it pays to employees to 21%.

Goldman Sachs has declined to comment.