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

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.



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.