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25-01-10, 11:15 AM
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Tough at the top - Goldman Sachs UK partners cap their pay at £1m each
From the BBC:
Goldman Sachs' 100 UK-based partners are capping their 2009 pay and bonuses at £1m each, the BBC has learned. BBC business editor Robert Peston said it represented a significant sacrifice of several hundred million pounds. One executive said they wanted to be seen to be exercising the restraint which the Chancellor of the Exchequer has sought from all bankers. Many executives working in Britain ranked below partner-level, however, will earn much more than £1m each. The company did not feel it could insist they take a pay cut, because that might have damaged its ability to recruit and retain more able bankers, Mr Peston said. Strong trading Goldman will pay many hundreds of millions of pounds in bonuses to staff ranked below partner-level. Its employees will be told this week precisely how much each of them earned for the firm's near-record trading performance in 2009. The big British banks, Barclays and Royal Bank of Scotland, have not yet fixed the size of their employees' bonuses. However Barclays has decided its top executives will receive 75% of their bonuses - and 100% for the most senior people - in staggered payments over three years. Full article: http://news.bbc.co.uk/1/hi/business/8478064.stm
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25-01-10, 01:55 PM
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It stand to reason that if we dont provide a frame work for them to work with they will do want they want.
you give a child a bad of sweets and tell them they can only eat one and see what happens.
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25-01-10, 02:43 PM
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I have no problem earning any amount of money IF they earn it!!!!
Fat cat salaries are always seen as obscene but would you turn down that amount of money? People just seem a touch jealous when they dont make the kind of salaries they think they should be earning - if you dont like your job or dont earn enough move to another job!
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25-01-10, 02:52 PM
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Quote:
If your not happy stop bitching and dont let the door hit you where the good lord split you. Last edited by Stavros; 25-01-10 at 03:03 PM.
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25-01-10, 02:56 PM
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Quote:
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