Goldman Sachs to dole out $12 billion in pay and bonus to bankers

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That works out at an average of £254,500 per employee at the 34,000-strong firm after profits, the Guardian reported.

Of course not all employees will be paid an equal sum. For partners, overall pay is expected to average more than the £3 million they earned for their 2013 performance.

The yearly ritual through which staff learn of their individual pay outs will occur on Tuesday, with each employee being given a sealed envelope containing the hallowed number.

 

Generally speaking, most staff were said to have avoided the dreaded doughnut – a big fat zero – but securities traders were looking at a bonus roughly the same size as the year earlier.

That’s because the bank’s trading division, its biggest business, reported its lowest revenue in almost a decade, according to Bloomberg.

Having watched the oil price collapse and the knock on effect it had in the bond and credit markets, few will be surprised at the figure.

Overall, however, Goldman’s net earnings were up 5% and some bankers can expect a windfall come bonus day.

That’s likely to be the case for the bank’s rainmakers, who were kept busy during a busy year for mergers and acquisitions and stock market listings.

Those in line for the biggest pay cheques include M&A banker and Goldman’s European president Karen Cook, who could bag a bonus in the £5 million to £10 million bracket after successfully defending pharma firm AstaZeneca from Pfizer’s unwanted attention.

Source Article from http://www.standard.co.uk/business/business-news/goldman-sachs-to-dole-out-12-billion-in-pay-and-bonus-to-bankers-9984009.html

January 17, 2015 |
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