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Goldman Sachs to scrap bonus cap for UK dealmakers
(Sharecast News) - Goldman Sachs will remove a cap on bonuses for its London-based staff, according to Sky News, with the firm now set to resume making multi-million-pound payouts to its top-performing traders and dealmakers.
Goldman Sachs informed its UK staff on Thursday that it had decided to scrap the existing pay ratio imposed under European Union rules, bringing its remuneration policy in Britain in line with global operations.
"We are a global firm and to the extent possible we adopt a consistent global approach across everything we do," said chief executive Richard Gnodde. "The bonus cap rules were an important factor preventing us from being consistent in the area of compensation."
Gnodde added that the change would "mean lower fixed pay, but a higher proportion of discretionary compensation", adding that it also reflects "the prudential objective of our regulators".
The removal of the cap means that hundreds of UK-based Goldman Sachs employees will now be eligible for variable pay worth up to 25 times their base salaries.
As of 1645 BST, Goldman Sachs shares were up 0.76% at $429.94 each.
Reporting by Iain Gilbert at Sharecast.com
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