Goldman Sachs scraps bonus cap for senior London bankers
The TelegraphGoldman Sachs has scrapped the bonus cap for its British bankers in a move that will allow star traders and dealmakers to earn up to twenty five times their salary in performance-linked awards. The bank’s co-heads of investment banking, Anthony Gutman and Gonzalo Garcia, may also benefit from the axing of the bonus cap. British-born trader Ed Emerson earned an estimated $100m in three years running Goldman Sachs’s commodities arm in New York before leaving the bank last year. It brings the UK closer to the practice in other global financial centres, to support the UK as an attractive venue for talent.” It comes amid a broader debate about executive pay in Britain, with some bosses blaming lower pay in the UK compared to the US for the decline of the London Stock Market.
History of this topic
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