Banks made to reveal pay

Marion Dakers
SEVERAL City banks including Goldman Sachs, Citi, UBS and JP Morgan have revealed some details of pay packages for top UK workers, thanks to new EU rules.

Goldman Sachs said it paid 95 “code staff” – workers identified as taking risks within the firm – a total of $269.5m in cash, plus 2m restricted stock units, in 2010. While the value of the units is difficult to gauge, as they vest over a period of five years and depend on Goldman shares, each code worker received remuneration worth $6.21m at the end of December. This does not include 3.7m restricted shares issued via a one-off scheme.

Citigroup also listed 95 top staff, who shared £77.1m in cash plus more than £300m in various vested and unvested stock options, some of which depend on Citi hitting targets.

JP Morgan said 82 code staff shared more than £200m, of which £21.7m was paid immediately in cash.