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Goldman Sachs reignites pay row with 46% rise

October 15, 2009

from THE TIMES

Workers at Goldman Sachs have racked up an average $527,192 (£324,607) in salary and bonuses so far this year after the American investment bank made a $3.1 billion profit in the third quarter.

Average pay for staff at the group, which employs around 5,500 staff in London, is 46 per cent higher compared to last year. The news is likely further to enrage taxpayers who blame excessive risk-taking by banks for the global recession.

So far, over the first nine months of its financial year, Goldman Sachs has set aside $16.7 billion to compensate its 31,700-strong global workforce — a 46 per cent rise in the same period in 2008. The bank needs to top $21 billion to match the bumper bonus year of 2007. more

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