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Goldman to make record bonus payout

Posted By admin On June 22, 2009 @ 3:36 am In Money Watch | Comments Disabled

Phillip Inman
London Guardian [1]
Monday, June 22, 2009

Staff at Goldman Sachs staff can look forward to the biggest bonus payouts in the firm’s 140-year history after a spectacular first half of the year, sparking concern that the big investment banks which survived the credit crunch will derail financial regulation reforms.

A lack of competition and a surge in revenues from trading foreign currency, bonds and fixed-income products has sent profits at Goldman Sachs soaring, according to insiders at the firm.

Staff in London were briefed last week on the banking and securities company’s prospects and told they could look forward to bumper bonuses if, as predicted, it completed its most profitable year ever. Figures next month detailing the firm’s second-quarter earnings are expected to show a further jump in profits. Warren Buffett, who bought $5bn of the company’s shares in January, has already made a $1bn gain on his investment.

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Goldman to make record bonus payout 290509banner [2]

Goldman is expected to be the biggest winner in the race for revenues that, in 2006, reached £186bn across the entire industry. While this figure is expected to fall to £160bn in 2009, it will be split among a smaller number of firms.

Barclays Capital, Credit Suisse and Deutsche Bank are among the European firms expected to register bumper profits, along with US banks JP Morgan and Morgan Stanley following the near collapse and government rescue of major trading houses including Citigroup, Merrill Lynch, UBS and Royal Bank of Scotland.

Full article here [1]


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URLs in this post:

[1] London Guardian: http://www.guardian.co.uk/business/2009/jun/21/goldman-sachs-bonus-payments

[2] Image: http://www.efoodsdirect.com/ammo-food.html?aid=14&adid=5

[3] Goldman Sachs ready to hand out £7bn salary and bonus package… after its £6bn bail-out: http://www.prisonplanet.com/goldman-sachs-ready-to-hand-out-7bn-salary-and-bonus-package-after-its-6bn-bail-out.html

[4] Zero Bonuses At Goldman?: http://www.prisonplanet.com/zero-bonuses-at-goldman.html

[5] Wall Street banks in $70bn staff payout: http://www.prisonplanet.com/wall-street-banks-in-70bn-staff-payout.html

[6] Goldman Sachs top City banker Michael Sherwood receives $15.8m share bonus: http://www.prisonplanet.com/goldman-sachs-top-city-banker-michael-sherwood-receives-15-8m-share-bonus.html

[7] Goldman Sachs set to pay £3.5bn in bonuses: http://www.prisonplanet.com/goldman-sachs-set-to-pay-3-5bn-in-bonuses.html

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