Major U.S. banks are seeing operating expenses rise as employee wages, along with bonuses and compensation, go up in a tight Omicron-tainted labor market in which companies are struggling to hire and retain workers.
Investment bank Goldman Sachs was forced to increase compensation and benefits to retain their staff, leading to a 23 percent surge in fourth-quarter operating expenses compared to 2020, and a 10 percent increase from the third quarter (pdf).
