Goldman Sachs defends bonus levels
As we covered in one of our recent post, Goldman Sachs recently announced impressive profits and millions upon millions of pounds put aside for bonus payments. The company has since been under pressure for from governments around the world and has this weekend come out fighting with a suggestion that the level of bonuses allocated to certain members of staff are a sign of recovery and should be taken as a positive step rather than a negative development.
When you consider Goldman Sachs, along with many other major banking companies around the world, has benefited substantially from government intervention there is a feeling that maybe for this year at least the major UK and US banking companies would play down bonus payments. However, there is also feeling that in order to retain the best minds in the worldwide banking industry there is a need to pay the best bonuses which is causing a number of issues for banking leaders.
At this moment in time it seems as though the likes of Goldman Sachs are determined to push through with their own agenda and even though we have seen signs of softening towards this issue by UK banks such as Barclays bank, it seems that others may well need further pressure to turn their heads. The US government is working behind the scenes to ensure that Goldman Sachs is "sensible" with regards to short-term bonuses although we await further developments with anticipation.
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