Pay at Goldman Sachs this year is set to beat the boom levels enjoyed before the financial crisis, with thousands of employees on track to earn a record $770,000 each on average despite the recession.
The prospect of bumper pay and bonuses at Goldman, which yesterday reported surging second-quarter profits and is a bellwether for Wall Street banks, is likely to reignite a fierce debate in the US over bankers' pay.
Goldman yesterday reported record earnings of $3.44bn for the second quarter, up 65 per cent from the three months to May 30 last year, on revenues of $13.76bn – figures that surprised even the most bullish analysts. If the bank maintains that growth, its staff could share total pay and bonuses of $22bn.
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