(www.independent.co.uk) Goldman Sachs will stoke the fury over bankers’ bonuses this week when it increases the proportion of revenues paid to staff despite what could be its worst year for earnings since 1999.
The bank – which will report its final results for 2011 on Wednesday – has already set aside 44 per cent of the $22.76bn (£14.89bn) of revenues it generated during the first nine months of the year to pay staff. The lion’s share will be shared by a small number of elite level “partners”.
If pay remains at that level in the fourth quarter, the final compensation ratio will show a significant rise over the 39.3 per cent of revenues handed out by Goldman in 2010, when the total pay out was $15.38bn.
Although the average salary for the first nine months enjoyed by Goldman employees is down to $292,397 from $370.056 in the first three quarters of 2010, that the bankers’ share of revenue is rising will anger critics.