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Goldman Sachs plays down bonus payments

US financial giant Goldman Sachs has today played down bonus payments for employees with many people suggesting they have been under stated specifically to keep the US government happy. The shift in strategy regarding bonuses has benefited the bottom line although the company is still on track to put aside around $20 billion for bonuses this year. So what next for the US financial sector?

While Goldman Sachs is a very influential member of the US financial industry, there are others who will soon be reporting their quarterly figures which will also contain details of bonus payments. After taking significant funding from US taxpayers, via the US government, there is a feeling that the US authorities have suggested bonuses are understated for the foreseeable future so as not to antagonise taxpayers. However, this is an industry which has for many years been a law unto itself and many people expect a surge in full-year bonuses in 2010.

We have seen a similar situation in the UK where despite significant UK taxpayer funding, many banks are reverting to very lucrative remuneration and bonus packages. Again, the UK government is not happy about the situation but ultimately it needs the assistance of the UK banking industry to refloat the UK economy.

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