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(CNBC)   There it is: Bank CEO blames profit loss on higher wages, precipitous drop in hooker and cocaine reserves   (cnbc.com) divider line
    More: Obvious, Goldman Sachs, Investment banks, Bank of America, Henry Paulson, Monetary policy, Goldman Sachs CEO David Solomon, Primary dealers, JPMorgan Chase  
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2030 clicks; posted to Business » and Politics » on 19 Jan 2022 at 9:50 AM (16 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2022-01-19 9:39:27 AM  
Goldman is a bank?

Isn't that the place that pays out million dollar bonuses?

33%??? You realize that $9 per hour janitor is now raking in $12 per hour? No wonder this country is going right down the shiatter.

/s
 
2022-01-19 9:45:53 AM  
The average employee pay figure distorts the reality at Goldman, where top producers are paid multi-million dollar packages while most staffers earn considerably less.

That's the third point in this story. Basically the rich got richer.
 
2022-01-19 9:51:24 AM  
Oh no!  My yacht storks!   Need to check my 409k!
 
2022-01-19 9:52:14 AM  
Wages increased?

Good.
 
2022-01-19 9:54:03 AM  
Can't possibly shave a couple of percent off the CEO's bonus to increase profits. Let's instead blame it on the filthy poors bleeding the company dry with their "needing to have money to pay rent."
 
2022-01-19 9:54:50 AM  
Eat the... poor?
 
2022-01-19 9:55:19 AM  
Fark user imageView Full Size
 
2022-01-19 9:56:53 AM  

meat0918: Wages increased?
Good.

BUT HOW WILL THE LOWER CLASSES KNOW THEIR PLACE?!?
 
2022-01-19 9:58:11 AM  

NewportBarGuy: Eat the... poor?


Fark user imageView Full Size
 
2022-01-19 9:59:14 AM  

meat0918: Wages increased?

Good.


Nope.

I mean, yes.  But in this case, this is high end executive compensation increases:

The average employee pay figure distorts the reality at Goldman, where top producers are paid multi-million dollar packages while most staffers earn considerably less.
 
2022-01-19 9:59:52 AM  

NewportBarGuy: Eat the... poor?


They taste like cigarettes and Axe Body Spray.
 
2022-01-19 9:59:59 AM  
Hahahahahahaha GOOD
 
2022-01-19 10:00:54 AM  

indylaw: Can't possibly shave a couple of percent off the CEO's bonus to increase profits. Let's instead blame it on the filthy poors bleeding the company dry with their "needing to have money to pay rent."


I got the impression that the raises weren't going to the poors so much, they were going to people comfortably in the top .001%.
 
2022-01-19 10:01:26 AM  
Huh thats weird. I read the entire article and must have missed where they listed the CEOs current pay after stating how the top folks skew these numbers 2x
 
2022-01-19 10:01:44 AM  
Inflation doesn't mean more money in the hands of workers.
 
2022-01-19 10:02:05 AM  
The hot new bumper sticker for CEOs:

Wages are theft!!
 
2022-01-19 10:02:34 AM  
Captain - detecting strong presence of class warfare in this thread...

/ time to dose the electorate with some more partisan red-meat before they get any ideas about looking behind the curtain
// farking digital serfs - who does economy work for?
 
2022-01-19 10:02:56 AM  

edmo: Goldman is a bank?

Isn't that the place that pays out million dollar bonuses?

33%??? You realize that $9 per hour janitor is now raking in $12 per hour? No wonder this country is going right down the shiatter.

/s


You realize that is now $3/hour less we are making! That is $120 a week or a gram of coke we would be missing out on
 
2022-01-19 10:03:00 AM  
Texas Republicans (thinking gleefully of Enron) are raising the price of gas.
 
2022-01-19 10:03:25 AM  
Compensation costs at Goldman jumped 33% to $17.7 billion for 2021, a whopping $4.4 billion increase fueled mostly by pay increases for good performance, executives said.

So how much has their profit risen in the same time frame?
 
2022-01-19 10:06:07 AM  

edmo: Goldman is a bank?

Isn't that the place that pays out million dollar bonuses?

33%??? You realize that $9 per hour janitor is now raking in $12 per hour? No wonder this country is going right down the shiatter.

/s


That farker just bought a refrigerator!
 
2022-01-19 10:06:34 AM  

Merltech: Compensation costs at Goldman jumped 33% to $17.7 billion for 2021, a whopping $4.4 billion increase fueled mostly by pay increases for good performance, executives said.

So how much has their profit risen in the same time frame?


Right? If the pay increase is for good performance, then surely their profit went up more than the pay.
 
2022-01-19 10:07:22 AM  
And? So? If there's one very very good reason for profits to decline, it's because employees get paid more. In fact, I can't think of a better thing for a company to spend incoming revenue on than it's employees.  So yeah, pay your employees as well as you possibly can, and let the investors squabble over what's left. Kind of the opposite of how the world has been for the past ever.
 
2022-01-19 10:09:19 AM  
Covid Can't Stop Corporate Profits From Climbing to Record Highs
Bloomberg Businessweek
December 6, 2021
assets.bwbx.ioView Full Size

/ Those farking greedy hourly employees, ruining the economy
 
2022-01-19 10:09:21 AM  
paying more = less profit.  math is hard?
 
2022-01-19 10:10:25 AM  
America's budget is like a balloon, the GOP squeezing the wealthy side of the tax balloon has expanded the percentage of what you and I eventually have to pay.
 
2022-01-19 10:11:28 AM  
I work for a competing financial institution. For years I've watched profits soar. But when it comes to raiser and bonus time I get the story that the form is struggling and even though we made twice as much this year as last, thanks to your hard efforts. We are gonna have to cut your bonus and only give you a %1 raise this year. Thanks for all your hard work buddy.

Times are a changing. Haven't seen it yet but the firm has already announced lather bonuses and raises. We'll see what it is. But the truth is we are bleeding talent. People are refusing to return to the office when they were more productive working from home and getting better pay elsewhere.

I have a feeling the same thing is happening there.

There is a long overdue wage correction happening in every industry. I say let the parasite companies that can't adapt die.
 
2022-01-19 10:12:29 AM  

edmo: Goldman is a bank?

Isn't that the place that pays out million dollar bonuses?

33%??? You realize that $9 per hour janitor is now raking in $12 per hour? No wonder this country is going right down the shiatter.

/s


Don't you love how they selectively use percentages to manipulate perceptions of the narrative?

Three dollar raise? Whoopdie doo...
Thirty-three percent increase? Why, thats almost 50%! Batten down the hatches!
 
2022-01-19 10:13:04 AM  
According to google they are paying this guy 24Million /yr.
 
2022-01-19 10:13:38 AM  

Lochsteppe: The hot new bumper sticker for CEOs:

Wages are theft!!


(Mostly *from* the workers, lookit this sweet ride, babe!)
 
2022-01-19 10:14:33 AM  
I'm suddenly flashing back to a scene from Trading Places with the Dukes and Winthorpe are going over the payroll and one of the Dukes is complaining they are paying too much to employees, only to tell Winthorpe to never mind the random $50k outlay.  Similarly, it would happen with Valentine too.
 
2022-01-19 10:14:36 AM  

sammyk: Times are a changing. Haven't seen it yet but the firm has already announced lather bonuses and raises. We'll see what it is. But the truth is we are bleeding talent. People are refusing to return to the office when they were more productive working from home and getting better pay elsewhere.


Lather, bonus, raise, repeat.
 
2022-01-19 10:16:02 AM  
So? these dumbasses decided to eat this INEVIDIBLE increase all at once rather than over several years. Also, it's not near over so expect to eat some more.
 
2022-01-19 10:16:46 AM  

indylaw: Can't possibly shave a couple of percent off the CEO's bonus to increase profits. Let's instead blame it on the filthy poors bleeding the company dry with their "needing to have money to pay rent."


What is profit - what's left after expenses like paying people. Who gets profit? Usually company officers, board members, investments, cash accounts. So if profits go down, that means less for them and more for the people they do not want to lose who are not necessarily part of the profit-sharing program. Yes, these may also include wealthy people, I'm sorry to disappoint. People expenses going up is a good thing, but it has to get balance from somewhere, sometimes from the people who benefit from the profit, or, more reflexively, by raising the prices on the products or services. Seems like Goldman hasn't figured out that second option yet, but will if the top hypothesizes that the market can bear a price increase. Enter, hyper inflation, where you make a lot more, but everything costs just that much more to make it almost meaningless so that company profits are maintained. Of course, we can all stop buying a lot of the shiat we don't need and cause a price correction through profit reduction, more efficient processes, or overweight entities to exit the industry if they determine the reward isn't worth it.
 
2022-01-19 10:16:55 AM  
That made the average per employee compensation reach about $404,000 in 2021, up from $329,000 in 2020.

Cry me a river you leeches. I have a wall you can put your backs to.
 
2022-01-19 10:17:31 AM  
Why does he say it like it's a bad thing??

CEO pay has gone up 1200% over the past generation. Taxes have dropped for rich people -- all these are just "market forces".

But working people getting paid for the 1st time in 25 years is demonic.
 
2022-01-19 10:23:42 AM  
The company announced a multi-million dollar investment into our business line. I got half the year-end bonus as last year. It's no jelly of the month club.
 
2022-01-19 10:25:33 AM  

PirateKing: The company announced a multi-million dollar investment into our business line. I got half the year-end bonus as last year. It's no jelly of the month club.


Well, at least it's not a hot cocoa sampler box.
 
2022-01-19 10:27:37 AM  

edmo: Goldman is a bank?

Isn't that the place that pays out million dollar bonuses?

33%??? You realize that $9 per hour janitor is now raking in $12 per hour? No wonder this country is going right down the shiatter.

/s


The became a bank holding company during the 2008 financial crisis. They did it because they needed access to the Federal Reserves discount window to keep from going bankrupt. That facility is only available to banks. Morgan Stanley did the same. The other three big public investment banks either sold themselves (Bear Stearns to JPMorgan and Merryl Lynch to BoAmerica) or went bankrupt (Lehman).
 
2022-01-19 10:29:07 AM  

incendi: PirateKing: The company announced a multi-million dollar investment into our business line. I got half the year-end bonus as last year. It's no jelly of the month club.

Well, at least it's not a hot cocoa sampler box.


That would be even more insulting in my case. I can't have sugar. Jelly of the month or Cocoa Sampler, it's all poison.

I'll take the 'half as appreciated as last year' money.
 
2022-01-19 10:30:40 AM  
Do you know what sort of money the parents of Goldman execs spent in bribes and libraries and hookers to get these snowflakes positioned to become masters of the universe? These people were doing the smart thing long before even being born, by choosing the right vagina to fall out of.  What was the Goldman's janitor doing? Oh, I'll just take the easy road and go gestate in this single mom working two jobs so that no one will ever expect anything of me.  Life is choices, just because you don't remember making a decision does not mean the decision does not remember you. We were all born with bootstraps, it's what separates us from the ape. Grab those mofos and pull, pull, like it's an eject handle at 250 AGL. You don't like the way Goldmans handles its business, go start your own bank, your own interlocking directorates, dynasties and tapestries of corruption and compromise.
 
2022-01-19 10:30:56 AM  
I assume this includes bonuses based on profit/productivity.
 
2022-01-19 10:32:54 AM  

Eightballjacket: indylaw: Can't possibly shave a couple of percent off the CEO's bonus to increase profits. Let's instead blame it on the filthy poors bleeding the company dry with their "needing to have money to pay rent."

I got the impression that the raises weren't going to the poors so much, they were going to people comfortably in the top .001%.


These wage increases are killing our profitability! We had to get the wage slaves another $1.00 an hour!!! What do you mean most of our payroll cost increases are due to me taking a few extra tens of millions??? It's clearly the dollar we gave to wage slaves!
 
2022-01-19 10:33:24 AM  
Take your own advice, banks, and treat your employees like they're just another line item cost of business. Now, this particular part of your business costs more due to market forces. Adapt or don't.
 
2022-01-19 10:37:44 AM  

indylaw: Can't possibly shave a couple of percent off the CEO's bonus to increase profits. Let's instead blame it on the filthy poors bleeding the company dry with their "needing to have money to pay rent."


CEOs like this is how you get Stalin.
 
2022-01-19 10:40:35 AM  
Profit loss due to higher wages sounds pretty good to me.
 
2022-01-19 10:42:03 AM  

incendi: PirateKing: The company announced a multi-million dollar investment into our business line. I got half the year-end bonus as last year. It's no jelly of the month club.

Well, at least it's not a hot cocoa sampler box.


Gotta love a Farker with an appreciation for the classics.
 
2022-01-19 10:51:37 AM  

sammyk: I work for a competing financial institution. For years I've watched profits soar. But when it comes to raiser and bonus time I get the story that the form is struggling and even though we made twice as much this year as last, thanks to your hard efforts. We are gonna have to cut your bonus and only give you a %1 raise this year. Thanks for all your hard work buddy.

Times are a changing. Haven't seen it yet but the firm has already announced lather bonuses and raises. We'll see what it is. But the truth is we are bleeding talent. People are refusing to return to the office when they were more productive working from home and getting better pay elsewhere.

I have a feeling the same thing is happening there.

There is a long overdue wage correction happening in every industry. I say let the parasite companies that can't adapt die.


Sounds like an old job I had, every year at the company meeting it was how great things were, all the new clients, all the clients that reupped and a month later for review time it was "We are on the edge of collapse." "WE have no money for anything!" Yeah and they always seemed surprised when the top talent left.
 
2022-01-19 10:51:40 AM  
Yes and wage increases at Goldman mimic the rest of the country exactly.
 
2022-01-19 10:57:24 AM  

indylaw: Can't possibly shave a couple of percent off the CEO's bonus to increase profits. Let's instead blame it on the filthy poors bleeding the company dry with their "needing to have money to pay rent."


Do you know how much a refrigerator costs to run?
 
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