Goldman Sachs Stock Surge Adds $3 Billion to Employee Equity Awards as Firm Trims Headcount, Embraces AI

Goldman Sachs (GS) employees' average pay and bonuses are projected to reach $476,000 this year, driven largely by appreciation of deferred stock awards as the bank's share price climbed from about $345 in early 2023 to above $1,000 by July 2026, according to regulatory filings and estimates by eFinancialCareers. The share rally has added roughly $3 billion in value to stock awards held by employees, the report estimated. Filings show Goldman booked about $975 million in tax deductions in the first nine months of the year tied to the higher market value of shares delivered to employees. The gains rest on strong results: third-quarter net revenue reached $18.68 billion and net income rose about 29% year over year to $5.29 billion. Equities was the core engine, with revenue up 72% to $6.44 billion; equity financing revenue jumped 96% to a record $3.365 billion, and investment banking revenue rose 21% to $3.22 billion. Headcount fell to about 47,000 in the first quarter from 47,400 at the start of the year. The firm is accelerating AI adoption in sales, client onboarding and regulatory reporting, shifting strategy toward leaner staffing and key revenue-generating and technology roles.