$3.9bn bonus pot at Goldman Sachs

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The Independent Online

Goldman Sachs, the investment banking giant, is expected to say this week it has allocated a bonus pot worth $3.9bn (£2.4bn) in its second quarter.

While the Wall Street bank's compensation pool for its latest quarter is forecast to be less than the $5.2bn it set aside for staff in the previous three months, the award means Goldman is on track to fork out $15.9bn in pay and benefits this year, according to Bernstein Research. At the same time, the bank plans to cut hundreds of jobs, as part of a programme to slash $1bn from its cost base.

Morgan Stanley and Bank of America Merrill Lynch will also report this week.