Goldman Sachs slashed pay by 15% last year as the Wall Street bank has taken the axe to jobs and compensation amid a downturn in dealmaking and losses in its fledging consumer business.

The US bank paid $15.1bn in compensation for its 48,500 employees last year, which is down 15% on 2021 when it hiked pay as deal activity hit record highs. This is an average payment of $312,300, compared to around $400,000 a year earlier.