Goldman Sachs Partners Could See Pay Cuts
Many partners at Goldman Sachs, can expect to see their 2011 pay cut at least in half from 2010, the Wall Street Journal reported, citing people familiar with the situation.
Some employees in Goldman Sachs' [GS 94.825 1.405 (+1.5%) ] fixed-income trading business will see their pay shrink by 60 percent, with some workers not getting a bonus, the report said.
For the typical Goldman partner, pay for 2011, including base salary and bonus, is likely to range from $3 million to $6.5 million, compared to at least twice that much in better years, the report said, citing sources.
As the largest U.S. investment bank with the highest compensation rate among its peers, Goldman is often held up by critics as a sign of Wall Street excess.
the rest:
http://www.cnbc.com/id/45922905
Oh the humanity. How will they survive with such chump change? Do you know how much money it costs to fuel a Ferrari or to keep up the house in the Hamptons? Their children may not be able to go to summer camp on private jets if this keeps up. Let's just hope there is still room in first class so they don't need to mix with the dirty masses in coach.
http://www.americablog.com/2012/01/goldman-partner-pay-expected-to-crash.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Americablog+%28AMERICAblog%29
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