The chief executive of Goldman Sachs warned of “wage inflation everywhere” after a big jump in expenses hit fourth-quarter profits at the Wall Street bank.
In an interview with the Financial Times, David Solomon said that Goldman like other large companies was contending with higher wage demands from its employees. “There’s no question that inflationary pressures around compensation had an impact,” he added.
Solomon was speaking after Goldman on Tuesday reported fourth-quarter net income of $3.8bn, or $10.81 per share, compared with $4.36bn, or $12.08 per share, in the same period last year.
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