Goldman Sachs is expecting to add to its ranks in 2010.
"I would expect, as we sit here now, we will grow next year," said chief financial officer David Viniar in a conference call with reporters and analysts this morning discussing the firm's fourth-quarter earnings released today.
While Viniar said he thinks 10% growth in hiring may be a little high, he anticipates some rise next year. While Goldman increased its headcount in the fourth quarter to 32,500 from 31,700 the previous quarter, the total is still 6% shy of the 34,500 force it employed at the end of 2008, according to the firm's press release.
Many of the questions during the call focused on the 35.8% compensation to net revenue ratio for the year, a historic low for the firm, shrinking the compensation pool to $16.19 billion from the predicted $23 billion. Viniar repeatedly said the firm tried to show "restraint" in light of the "pain and suffering still going on around the world" while attempting to be fair to company employees. The U.K. bonus tax also played a role in its pay decisions this year, he said.
The firm does not expect to see higher turnover among its partners and managing directors as a result of the compensation ratio, said Viniar.
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