Payouts for Goldman Sachs staff in London are on track to increase by an average of 37% this year as the Wall Street giant has increased compensation costs despite cutting back employees.

Goldman Sachs International put aside $1.7bn in compensation costs for the first nine months of 2023, according to accounts released on 20 November. This is an average payment of $492,860 for its employees, which are largely based in the UK. That is up from around $360,000 at the same point last year.