Pay costs at Goldman Sachs have edged up by 5% so far this year despite ongoing pressure on revenue within its key business lines and deep job cuts in 2023.

The Wall Street bank's compensation costs hit $11.9bn for the first nine months of 2023, an increase of 5% on the prior year. This works out as an average payment of $259,193 for the year so far, up from $231,853 for the same period in 2022.