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The accounts show that Goldman has 3,915 staff in the region, meaning an average payment of around $360,000 each for the period, compared to $746,000 at the same point in 2021.

Investment banks have cut back on costs as fees from dealmaking have slipped by over 40% so far this year from the record $130bn that was hauled in last year. Goldman is among the banks to announce layoffs, cutting 1-5% of its employees during a cull in September. Barclays, Citigroup, Credit Suisse, Deutsche Bank and Morgan Stanley have also either cut or draw up plans for headcount reductions.

READ Meet the 21 Goldman Sachs partners to make the cut in Europe

A closely-watched report by Wall Street compensation consultants Johnson Associates predicts a 45% decline in the 2023 annual bonus round for bankers who underwrite debt and equity deals and a 25% fall for those advising on mergers and acquisitions.

Goldman’s investment banking fees in its international operations fell 58% during the first nine months, slipping to $845m due to “significantly lower” revenue across capital markets and advisory work. While dealmaking has stumbled, revenue from fixed income, currencies and commodities trading hit $3.7bn over the period, a 56% increase on the same period last year.

Cost-cutting combined with the trading surge meant overall profit at Goldman Sachs International increased by 53% to $3.3bn.

Goldman announced its largest class of partners in six years on 8 November, with 80 employees making the cut. However, only 26% were from its investment banking unit — just three people in Emea — while 34% came from its sales and trading business.

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To contact the author of this story with feedback or news, email Paul Clarke