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Goldman Sachs bankers in line for $12.2 BILLION pay and bonus
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Goldman Sachs bankers in line for $12.2 BILLION pay and bonus

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Goldman Sachs bankers in line for $12.2 BILLION pay and bonus

Bankers at Goldman Sachs are in line for a pay and bonus pot of $12.2billion, despite a fall in profits.
With America is on the brink of a recession, the announcement last night will only add to public fury over Wall Street payouts.
The company, which is awarding its workers $12.2billion globally, has 33,000 staff worldwide.

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d bonusThe company, is handing out $12,2billion globally in pay anes

Analysts expect Goldman to pay out an average of $367,000 in salary, bonuses and stock options to its approximate 33,000 staff globally for their efforts in 2011.
This is down from an average $430,000 the previous year.
The news comes despite disappointing annual results from the investment bank.



Goldman is expected to reveal a full year revenue of $28.8bn – down 26% – while earnings almost halved to $4.4bn.

This would make it its second lowest annual profit in almost ten years, reflecting the impact Europe's debt crisis is having on the Wall Street bank.

The company's president, Gary Cohn, said the large payouts were necessary for staff retention.

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Protesters with the Occupy Wall Street movement demonstrate in New York



The dip in profits also underline the struggles the bank, under chief executive Lloyd Blankfein, is facing from new regulations.

The Volcker Rule, due to come into force in July, bans banks from gambling with their own money and limits the amount of capital they can invest in hedge funds and private equity investments.
Former banker William Cohan said: 'I think a firm like Goldman has real problems.
'Some of the lines they've been traditionally strong in are being regulated out of existence,' he told The Daily Telegraph.

The bank said that it had cut total staff numbers by 7% in 2011 - to 33,300 people, meaning the average compensation per member of staff is about $366,360.


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A protester waves a sign outside Goldman Sachs's New York HQ



Preparing for 'doughnut' bonuses
This year zero bonuses, known as 'doughnuts', will affect even senior staff and could include a bigger proportion of employees than in the 2008 financial crisis, bankers and headhunters predicted as U.S. firms start telling bankers this week what they will get.

Slumping quarterly profits, a darkening long-term outlook for the industry and unrelenting pressure from politicians and an angry public, are pushing bank bosses to break away from a culture in which most staff expect a bonus every year and base their personal budget around it.


'This will probably be the worst year for zero bonuses we've seen, although those that will have done well will still get something,' said Jason Kennedy, who runs recruiting firm Kennedy Group.

'Global heads and senior managing directors are among those that will get nothing -- they're the expensive staff, and they'll be living off their higher salaries.'

Under-performing bankers already came under pressure in the 2010 bonus round as 'doughnuts' multiplied, but this time division heads are raising the bar and reserving payouts for an even smaller group of star bankers.

Bonuses would be down at least 30 per cent for those that do get one, Kennedy said, while other recruiters predict cuts of up to 70 per cent in some areas, such as bond trading.

Bankers at Goldman Sachs, Morgan Stanley, JP Morgan and Citi are among those expecting to hear about their bonuses this week, coinciding with these firms' fourth quarter results.

Overall pay at JP Morgan's investment bank came in at $8.8billion, down 9 per cent on 2010 levels, while total revenues for the year were flat, its filings showed last week.


Read more: Goldman Sachs bankers in line for $12.2bn pay and bonus pot despite fall in profits | Mail Online

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