The bank set aside $12.69 billion (£8.35 billion) to pay 34,000 employees’ compensation and benefits packages, which include salaries, discretionary compensation, equity awards and benefits.
The average payment of £245,500 comes after profits at the Wall Street firm rose by 5% for the year.
The ratio of compensation and benefits to net revenues for 2014 was 36.8%, compared with 36.9% in 2013.
The figures were published in its 2014 annual report.
Lloyd Blankfein, chairman and chief executive officer at Goldman Sachs, said: “We are pleased with our performance during a year characterised by mixed global economic and financial conditions.
“The depth of our global client franchise and our continued discipline on expenses and capital management produced a solid return for our shareholders.”