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Goldman Sachs London employees capping pay

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by Kay Mitchell

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

The move comes as part of the Chancellor’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 (£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 bank’s strong trading performance in 2009.

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

David Viniar, Goldman Sachs’ finance director, said that the bank had shown “restraint” when it came to remuneration.

He said: “We’re not blind to the pain and suffering still going on around the world and we’re not deaf to the calls for restraint. We heard them.”

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.

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News posted: January 25, 2010

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