BGN Entrepreneur

After reporting the first loss since 1999, the former US investment bank—Goldman Sachs, has just slashed the bonuses of its employee.
Its losses during the past three months to November 30 has hit $2.12 billion. And after it saw declines across several divisions, its revenues fell into negative territory to the tune of $1.58 billion.
For the full year, revenues of this US bank has plunged from $45.9 billion to $22.2 billion during the year of 2008. Meanwhile, the bank’s profits has tumbled from $11.5 billion to $2.32 billion.
As a result, the US bank just announced today that its compensation and benefits payments have fallen by 46%, “reflecting lower levels of discretionary spending due to lower net revenues.”

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