Goldman Sachs is considering donating in excess of $1bn (£627m) to charity in an attempt to quell the growing furore over the likely size of its 2009 bonus pot.
Goldman Sachs is considering donating in excess of $1bn (£627m) to charity in an attempt to quell the growing furore over the likely size of its 2009 bonus pot.
The investment bank, which is set to report its results for the three months to September on Thursday, is understood to be giving serious thought to some form of large philanthropic donation.
The aim of the donation, first disclosed by Henry Blodget’s Business Insider blog, would be to deflect the likely row come at the end of the year. By then Goldman’s total compensation pot is expected to be a record $22bn, delivering average pay and bonuses of more than $700,000 per employee, higher even than the average $661,000 paid out in 2007 – its last record year.
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The bank’s partner managing directors – a top-tier of approximately 300 senior bankers who tend to be its biggest money-earners – are believed to be discussing the plan as one of a number of ways of deflecting political and investor backlash over the eventual size of the bonus pool.
To read the full story, visit telegraph.co.uk
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