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Goldman to slash pay by nearly half
GOLDMAN Sachs is expected to take an axe to pay in this year’s bonus round following a dramatic fall-off in revenues.
Some senior bankers expect to see their pay packages fall as much as 40 per cent, while some reports suggested that pay for partners’ at the very top could halve.
But some bonuses will be cut right down to the bone: revenues, which determine pay packages, have plunged from over $14bn in the middle of 2010 to just above $5bn in September last year.
The bank could cut some bonuses entirely in an attempt to get rid of staff before looking at slashing jobs.
Like rivals, Goldman has suffered from a major slowdown in trading in part due to debt crisis worries.