Goldman Sachs bankers in line for bigger bonuses after a surge
Revenues climbed 9 per cent to $3.27bn as Goldman Sachs International advised on a string of big UK stock-market flotations
Tuesday 02 September 2014
Goldman Sachs bankers based in London are set to receive bigger bonuses after pre-tax profits trebled to $1.1 billion (£662 million) in the first half due to a surge in investment banking work.
Revenues climbed 9 per cent to $3.27 billion as Goldman Sachs International advised on a string of big UK stock-market flotations, including old-age company Saga and online takeaways firm Just Eat.
GSI’s wage bill for its 5485-strong staff in London shot up 18 per cent to $2 billion. That excludes the fluctuating value of share awards, which are calculated according to Goldman’s stock price, a process known as mark to market.
The “direct costs of employment” work out at roughly £221,000 per head for each Goldman banker for the six months to June, although that figure includes not only salary and bonus but also “allowances” and “benefits”.
The half-year accounts show investment banking revenues leapt 45 per cent to $856 million but the other key division, institutional client services, which includes currencies and fixed income, fell 4 per cent to $2.11 billion.
Meanwhile, it has emerged Goldman is facing significant exposure from an $835 million loan that it made to Espirito Santo in July just weeks before the Portuguese bank’s collapse.
It is understood GSI was involved in making the loan, but any potential losses are not yet known.
- 1 What happens to your body when you give up sugar?
- 2 Licence fee: What is the BBC charge – and how will the changes affect you?
- 3 This is what the photographer has to say about the picture of a weasel riding a woodpecker
- 4 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 5 Have sex with your iPad thanks to the new sex toy no-one asked for
Bill Clinton portrait features Monica Lewinsky reference, artist admits
Japanese island overrun with cats after population explodes
Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
Pornhub turns masturbation into energy in bid to save the planet
The 'sex selfie stick' lets you FaceTime the inside of a vagina
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Durham Free School: 'Creationism taught at' free school facing closure
Ukip would cut billions from Scottish budget to fund English tax cuts
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
iJobs Money & Business
£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...
£50000 - £60000 per annum + Excellent Salary: Austen Lloyd: An outstanding new...
£20000 - £21000 per annum + uncapped commission: SThree: As a graduate you are...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...