Happy days are here again! (So screw you, congress!): According to The Observer a newly deTARPed Goldman Sachs may be planning to pay out whopper bonuses this year — maybe “the biggest bonus payments in the firm’s 140-year history after a spectacular first half”.
A lack of competition and a surge in revenues from trading foreign currency, bonds and fixed-income products has sent profits at Goldman Sachs soaring, according to insiders at the firm.
Staff in London were briefed last week on the banking and securities company’s prospects and told they could look forward to bumper bonuses if, as predicted, it completed its most profitable year ever. Figures next month detailing the firm’s second-quarter earnings are expected to show a further jump in profits. Warren Buffett, who bought $5bn of the company’s shares in January, has already made a $1bn gain on his investment….
Goldman Sachs said it reviewed its bonus scheme last year and switched from a system of guaranteed rewards that were paid over three years to variable payments that tied staff to the firm. It told employees last year that profit-related bonuses would be delayed by 12 months.
Goldman to make record bonus payout – The Observer
Tags: Barack Obama, Bonuses, Bonuses are back!, Compensation, congress, Goldman Sachs, Politics, TARP
