Wall Street’s annual bonus cycle raises the old question of how best to divide spoils between workers and shareholdersThe tension between labour and capital is as old as capitalism. On Wall Street, it plays out each year in bonus discussions, which began among the large firms last week.. Staff are summoned into meetings with line managers and given a few words of appraisal before being informed of their “number” for the year.
Shareholders, in contrast, were less pleased. The stock price fell, as compensation came in higher than expected. While Goldman Sachs can plainly afford to pay well — revenue last year amounted to more than $1.35m per head — the annual bonus cycle resurfaces the question of how best to divide spoils between employees and shareholders.
The influence of capital and technology on compensation levels can be seen by comparing Goldman Sachs with firms operating in narrower segments. Virtu Financial competes in market-making, which is capital and technology intensive; its employees took home only 17% of firm revenue in 2020 . By contrast, Perella Weinberg Partners, which competes in advisory — a much more labour-intensive business — paid its employees 70% of revenue in 2020.
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