Thursday, January 20, 2011
Goldman Sachs has set aside $15.3bn (£9.5bn) to pay its staff in 2010 – an average of $430,000 each – in a move that re-ignites the controversy over City pay and bonuses at a time when youth unemployment is hitting record highs in the UK.
The best known of all the Wall Street firms did not attempt to show the restraint of last year when it reduced the amount being paid into its bonus pool in the fourth quarter of 2009 to make a $500m public donation to a charitable foundation, Goldman Sachs Gives.
The $15.3bn set aside for bonuses and salaries was down 5% on the $16bn for the previous year but did not fall as fast as revenues, which dropped 13% to $39.1bn in 2010.'
Posted by DotConnector at 09:12