Goldman Sachs UK partners cap their pay at £1m each

[dipsydoodle]

Goldman Sachs' 100 UK-based partners are capping their 2009 pay and bonuses at £1m each, the BBC has learned.

BBC business editor Robert Peston said it represented a significant sacrifice of several hundred million pounds.

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Many executives working in Britain ranked below partner-level, however, will earn much more than £1m each.

The company did not feel it could insist they take a pay cut, because that might have damaged its ability to recruit and retain more able bankers, Mr Peston said.


http://news.bbc.co.uk/1/hi/business/8478064.stm

Presumably their wives/husbands will need to start taking in washing in order to help maintain their lifestyles.

[LeftishBrit]

1. Wow, how could anyone survive on that?