Goldman Sachs cut pay for its UK employees by 10% during the first six months of 2023, after a deep reduction last year, suggesting another lean period for City-based staff after two waves of job losses at the Wall Street bank.

Compensation costs for Goldman Sachs International dropped by 10% to $1.2bn during the first six months of 2023, according to newly-released accounts, which it said was largely down to a reduction in estimated bonus payments. This follows a cut of close to 60% for UK bankers during the first half of 2022.