Goldman Sachs pay and bonuses 'capped at £1m'
Goldman Sachs pay and bonuses 'capped at £1m'
Monday 25th January 2010
Goldman Sachs's 100 UK-based partners are capping their pay and bonuses at £1 million each, reports claim.According to an investigation by the BBC, the investment bank will have to sacrifice "several hundred million pounds" in the move, which comes just a few days after US president Barack Obama pledged to overhaul Wall Street.
However, the BBC also reports that many executives in the UK ranked below partner level could still earn more than a million each. One executive told the broadcaster the move was to exercise the restraint on bankers, pushed for by the government in the wake of the banking industry crisis.
Employees at the firm will be informed this week of their new pay packets, with Goldman Sachs saying last week that it would spend around £10 billion for bonuses for 2009, well below 2007 levels.
Following the bank bonuses scandal, the Financial Services Authority (FSA) will now look over bonus payments worth more than £1 million. Banks argued following the decision by the government to restrict bonuses that it could limit their ability to employ the best staff.
Goldman Sachs employs 5,500 people in the UK.
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