Goldman Sachs paid its London-based staff an average of more than $828,000 last year as Wall Street banks hiked bonuses for employees after a bumper year for dealmakers.

The US bank paid $3.2bn in compensation costs for its 3,844 employees at Goldman Sachs International last year, according to its newly-released annual report. Average payments of $828,564 were up from $686,512 in 2020, an increase of 21% on the previous year.