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Goldmine Sachs: Bank’s bonuses cut to a ‘mere’ £142,000 EACH

Posted By admin On December 17, 2008 @ 12:29 pm In Money Watch | Comments Disabled

Karl West and Nick Mcdermott
Wednesday, December 17, 2008

Investment bank Goldman Sachs is to pay £4.3billion in bonuses to its City workers.

Despite the financial crisis and the spectre of soaring unemployment, staff at the bank will get an average of £142,600 each.

The international group, which is estimated to have 5,400 employees in London, is already nicknamed ‘ Goldmine Sacks’ for the large extra payouts it awards to its star performers.

Yesterday the firm posted its first loss for almost a decade. And earlier this year it was forced to accept a £6.5billion lifeline from the U.S. government after falling prey to the economic crisis.
Now, an amount equivalent to two thirds of that aid will be paid to its workers as bonuses.


Goldmine Sachs: Banks bonuses cut to a mere £142,000 EACH 131108banner2 [2]

The news emerged as experts in Britain warned of a ‘middle-class recession’ with hundreds of thousands of white collar managers expected to lose their jobs over the next year.

Goldman’s bonus plans come as anger grows among taxpayers at the way banks – in particular those that have received billions in bailout funds – have failed to pass on cash or interest relief to customers.


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URLs in this post:

[1] DAILY MAIL: http://www.dailymail.co.uk/news/article-1096086/Goldmine-Sachs-Banks-bonuses-cut-mere-142-000-EACH.html

[2] Image: http://www.prisonplanet.tv/subscribe_holiday.html

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

[4] Goldman Sachs bankers to reward themselves a staggering £8.3billion in bonuses: http://www.prisonplanet.com/goldman-sachs-bankers-to-reward-themselves-a-staggering-8-3billion-in-bonuses.html

[5] Workers at GM, Ford to Score Nice Bonuses This Year Read more: Workers at GM, Ford to Score Nice Bonuses This Year: http://www.prisonplanet.com/workers-at-gm-ford-to-score-nice-bonuses-this-year-read-more-workers-at-gm-ford-to-score-nice-bonuses-this-year.html

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

[7] Rescued bank to pay millions in bonuses: http://www.prisonplanet.com/rescued-bank-to-pay-millions-in-bonuses.html

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