Goldman Sachs London employees capping pay

a�?Goldman

Around 100 senior employees at Goldman Sachs in London are capping their 2009 pay and bonuses at A?1 million each.

The move comes as part of the Chancellora��s super tax, which was introduced to claw back some of the bailout funds used to rescue the banking industry.

According to the BBC, the tax represents a considerable sacrifice of several hundred million pounds.

Last week, Wall Street bank Goldman Sachs reported its fourth quarter results with net profits at $4.95 billion (A?3.06 billion) compared with a loss of $2.12 billion in the same period a year earlier.

For the 2009 year, the bank made a net profit of $13.39 billion, up from $2.32 billion in the previous year.

Goldman employees will be notified this week as to how much each of them will earn for the banka��s strong trading performance in 2009.

Last week, Goldman said it had put aside $16.2 billion (A?10 billion) for 2009 bonuses – far less than the $20.2 billion record bonus pot of 2007.

David Viniar, Goldman Sachsa�� finance director, said that the bank had shown a�?restrainta�? when it came to remuneration.

He said: a�?Wea��re not blind to the pain and suffering still going on around the world and wea��re not deaf to the calls for restraint. We heard them.a�?

Meanwhile, across the Atlantic, US President Barack Obama is planning to curb the activities of the biggest banks in the US and clamp down on risky deals.

Tags: , , , ,


Comments (0)

Trackback URL | Comments RSS Feed

There are no comments yet. Why not be the first to speak your mind.

Comments are closed.