News
Goldman Sachs delays bonus announcement
Published on 16th March 2010 by Harriet Lavender
Goldman Sachs bankers will be among the last to learn about their bonuses after rumours that the bank is fully revising its rewards policy.
The bank, which usually informs staff about its annual payouts before publishing its results, is to delay telling its 32,000 employees the size and structure of their bonuses until next week.
Goldman Sachs' employees can expect to share in a bonus and salary pot of $20bn (£12bn) for 2009, which will result in the highest average payouts on Wall Street, of more than $600,000 (£366,000) each.
Citigroup reports tomorrow and its proposed payments to its 10,000 London-based staff are expected to contribute millions to the UK economy following the Treasury's 50% tax on bonuses worth more than £25,000.
JP Morgan last week estimated that it expects a bill of £300m for its bonus payments, while Citi is expected to face a similar charge - allowing Darling to proclaim that his £550m estimate for revenue from the tax has already been achieved from just two banks.
This year's bonus pool could reach £1.5bn, compared with £1bn last year. The Treasury has already told RBS that bonuses to anyone receiving a salary of more than £39,000 cannot be paid in cash.
(Source: Personneltoday)