Goldman Sachs is to lift the £1m bonus cap imposed on its 100 London-based partners last year as the Wall Street firm begins to hand out multimillion-pound payouts to its staff around the world.
Goldman Sachs is to lift the £1m bonus cap imposed on its 100 London-based partners last year as the Wall Street firm begins to hand out multimillion-pound payouts to its staff around the world.
While the average pay and bonus for the 35,700 Goldman employees around the world is $430,000 (£268,000), the biggest hitters will expect to walk away with much more when their managers inform them of their rewards over the coming days.
The best-known of all the Wall Street firms did not attempt to show the restraint of last year as it published its figures for 2010 today. They showed $15.3bn had been set aside for bonuses and salaries.
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While this was down 5% on the $16bn for the previous year, the bonus pool did not fall as fast as revenues, which dropped 13% to $39.1bn in 2010.
Revenues fell short of expectations and the shares were down about 3%, dragging down other US banks, which are due to report in the coming days. Earnings – or profits – in 2010 fell 38% to $8.3bn after what had been a difficult for year for Goldman, in which it was fined a record $550m by the US Securities and Exchange Commission in relation to its activities during the sub-prime mortgage crisis.
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