Goldman Sachs's compensation costs are likely to edge up by "low single digits" this year as the bank focuses on its "pay for performance" culture in core business lines, its chief financial officer Denis Coleman said.

In a difficult year for the Wall Street bank, which has rolled out deep job cuts and retreated from consumer banking, Coleman said Goldman would be "recognising the performance of some of those core businesses", during its US financial services conference on 5 December.