Goldman Sachs Group Inc. posted a bigger increase in expenses than analysts expected as it set aside more for compensation in the fourth quarter.
Fourth-quarter compensation costs of $3.8 billion were 16% higher than in the same period last year, though that gauge dropped on a full-year basis. That indicates the bank’s leadership was too conservative with its set-aside for pay in the first nine months of 2022. Managers will still have to deliver a tough bonus message to its bankers and traders this week.