Goldman bankers' £8bn bonus after bumper year
Goldman Sachs is likely to revive the controversy over excessive bonuses as it kicks off the banking results season this week by announcing total pay awards for its staff totalling more than £8bn.
The investment bank is forecast to report on Wednesday that profits jumped to about $6.3bn (£3.9bn) last year, from $4.44bn in 2011, helped by strengthening revenues from bond and share trading.
Analysts expect Goldman to pay its staff a total of between $13.3bn, or £8.2 bn, and $13.8bn in compensation for the year – the bulk of it in the form of bonuses. This compares with $12.2bn in 2011 and equates to an average of about £250,000 for each member of Goldman Sachs' staff, up from £230,000 the year before. The roughly 5,000 staff Goldman Sachs employs in the City will find out their share of the total pot later this month.
Over at JPMorgan, one of Goldman's biggest rivals, which also announces its results on Wednesday, bonuses are expected to fall. This is because profits at the bank are forecast to be down – largely because of trades made in the London office by a trader nicknamed the Whale, which lost the company £3.85bn.
However, although JPMorgan's bonus pool is expected to decline, its 26,000 investment bankers are thought to have received an average of about £186,000 last year.
Exclusive: World’s most pristine waters are polluted by US Navy human waste
Chicago river turns green to mark Saint Patrick's Day
Saint Patrick's Day: As Google Doodle celebrates the patron saint of Ireland, here are 10 things you didn't know about the man himself
Missing Malaysia Airlines Flight MH370: Did jetliner fly into area controlled by Taliban? Net widens after claims final satellite signal could have been sent from the ground
Nasa-funded study warns of ‘collapse of civilisation’ in coming decades
Katie Hopkins continues campaign to become Britain's most hated talking head with poorly timed Bob Crow tweet
Ukip and Nigel Farage on course for remarkable victory in European elections
No EU referendum under Labour: Ed Miliband to reveal that vote on membership is ‘unlikely’ in next Parliament if party wins power
Tony Benn was entirely ineffectual - and usually wrong
The rise of Ukip: Study warns Labour that Eurosceptic party's electoral base now 'more working class than any of the main parties'
Europeans have ‘got whiter’ due to natural selection in past 5,000 years, scientists say
- 1 Is your name now 'banned' in Saudi Arabia?
- 4 Nasa-funded study warns of ‘collapse of civilisation’ in coming decades
iJobs Money & Business
£35000 - £43000 per annum + Bonus and Benefits: Harrington Starr: A global lea...
£50000 - £60000 per annum: Harrington Starr: Linux Systems Administrator - UNI...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...