Goldman Sachs Caps Remuneration of Its Most Senior Bankers
Wednesday, January 27, 2010 10:09
The 100 most senior employees at Goldman Sachs in London will have their total pay capped at £1 million when the Wall Street bank reveals its 2009 bonuses this week, in a nod to the Government’s calls for cutbacks in bankers’ pay.
Less senior British employees who are awarded more than £1 million for their work in 2009 will have 60% of any amount over £1 million paid in deferred stock, in line with the guidelines of FSA.
The 32500 workers of Goldman Sachs across the world will share the burden of UK’s one-off 50% tax on bonuses above £25000, which is likely to cut the bank’s compensation pool by hundreds of millions of dollars. According to analysts, it is estimated that the tax sliced about £300 million from the pay pool of JP Morgan was £9.3 billion for last year.
Goldman Sachs will inform bankers of their individual pay packets in the coming week.
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