Goldman Sachs awards staff £10bn in pay and bonuses

Goldman Sachs is to award its staff nearly £10 billion ($15.38 billion) in pay and bonuses for 2010.

The figures, announced yesterday, will see the investment bank’s 35,700 staff around the world handed a compensation package worth an average of £269,000 ($430,000) per employee.

Lloyd Blankfein, chairman and chief executive officer, Goldman Sachs, said: “Market and economic conditions for much of 2010 were difficult, but the firm’s performance benefited from the strength of our global client franchise and the focus and commitment of our people.”

Brendan Barber, general secretary, Trades Union Congress (TUC), added: “Goldman Sachs has stuck two fingers up to austerity Britain by shelling out mega bonuses again.

“These earnings would make Gordon Gekko blush.

“Bankers are toasting their telephone digit bonuses while the rest of the country reels from more than a fifth of young people being out of work. This government is overseeing a fast return to the worst excesses of the 1980s.”

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