Rupert Steiner – Goldman Sachs Bankers To Reward Themselves A Staggering £8.3billion In Bonuses – 15January2013


 

goldman sachs

  • The bank will be first to unveil its rewards – an average of £250,000 a person
  • Increase, up from £230,000 last year, comes as families are struggling to make ends meet
  • Calls for restraint by politicians, who used taxpayers’ money to bail banks out, have fallen on deaf ears

By Rupert Steiner

PUBLISHED: 23:30 GMT, 13 January 2013 | UPDATED: 23:31 GMT, 13 January 2013

Britain’s army of bankers will re-ignite public fury over lavish pay rewards as staff at Goldman Sachs are expected to reward themselves £8.3 billion in bonuses on Wednesday.

The American investment bank, which employs 5,500 staff in the UK, will be the first to unveil its telephone number-sized rewards – an average of £250,000 a person – as part of the latest round of bonus updates.

The increase, up from £230,000 last year, comes as British families are still struggling to make ends meet five years after banks brought the economy to the brink of meltdown.

Staggering: Bankers at Goldman Sachs are expected to share £8.3billion in bonusesStaggering: Bankers at Goldman Sachs are expected to share £8.3billion in bonuses

Calls for restraint by politicians, who have used taxpayers cash to bailout many of the banks, have fallen on deaf ears.

At taxpayer-backed Lloyds Banking Group, which is expected to make a loss this year, its boss is likely to be entitled to a multimillion-pound bonus.

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Some of the reward for chief executive Antonio Horta-Osorio is linked to the share price, which has doubled, and customer satisfaction, which means he could be in line for a £4.4 million fortune.

But most of the anger will be directed at Goldman Sachs whose vice chairman said back in 2009 ‘inequality is a way of achieving greater opportunity and prosperity for all’.

The comments by Lord Griffiths echoed those of fictional banker Gordon Gekko in the film Wall Street – whose mantra ‘greed is good’ came to sum up the excesses of the 1980s.

Griffiths was of the view that taxpayers should ‘tolerate the inequality’ and insisted banks should not be ashamed of rewarding staff.

True to this ethos Goldman is likely to have boosted its salary and bonus pot to £8.3 billion from £7.6 billion the previous year due to increased profits.

The last three months have been strong with share trading and bonds performing well.

Global profit could top £3.79 billion up from £2.73 billion.

The lavish windfalls come as new research shows pay rewards are failing to incentivise Britain’s big bosses to improve the long term success of their businesses.

'Prosperity for all': The American bank (London offices pictured) employs 5,500 staff in the UK and will be the first to unveil its massive rewards‘Prosperity for all’: The American bank (London offices pictured) employs 5,500 staff in the UK and will be the first to unveil its massive rewards

Executive pay packages across Britain’s biggest firms are ‘overwhelmingly’ linked to short-term financial measures such as earnings and share price movement, according to research from the High Pay Centre lobby group.

However it shows chief executive pay has trebled to £4.8million, on average, in ten years without any accompanying long-term increase in share values.

At Lloyds, the bank has experienced a short term stock rise, but given the political tensions over banking bonuses, the Lloyds directors may decide not to pay the full amount to the Portuguese banker, who last year waived his bonus following a prolonged period of sick leave.

Lloyds shares were the second best performing of Europe’s banks last year and closed last week at 54p, up from 25.5p in May.

But the bank is still expected to make a full year loss of about £1.4 billion, as it continues to suffer from bad debts from corporate loans and a big bill over the mis-selling of payment protection insurance.

The 40 per cent state-owned lender was pushed to a £144 million loss in the three months to 30 September, as it took an additional £1 billion charge for dealing with the scandal, taking its total to £5.3 billion.

Lloyds froze basic pay for 500 senior staff for the third year in a row on Friday.http://www.dailymail.co.uk /link to original article viahttp://www.2012indyinfo.com / link to article

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5 thoughts on “Rupert Steiner – Goldman Sachs Bankers To Reward Themselves A Staggering £8.3billion In Bonuses – 15January2013

    • We have more than one person that searches for the content you will find on our blog. I apologize if you feel that article suggestions were taken from your blog. I am not aware of that. I Am aware that you did not author any of the articles that you have decided to aggressively comment on..that being the case please do not post any more of your comments or opinions on our blog. And I will inform All involved with our blog to do the same for yours. Also we do not aggressively seek donations or payments for our blotting. It is a Heart service. No need for conflict in the New Earth right? Cooperation, Compassion, Understanding. Living from the Heart, Lucas. Thank you and many blessings.

      • You show your real face in your reaction in not taking it well to be called out for your behaviour towards all those bloggers that get ripped from their work, ripped from their postings, own articles, ripped from traffic and referrals. Your not caring about that as you showed.Do not project things on me if they are clearly about you and not about some others on your blog. I need not discredit people or attack their integrity for speaking their truth. It maybe in your perception an other truth for you. For me your truth is based in self-interest and not in communicating and really sharing in a 5D way. You know sharing and cooperation are not one way streets. It is about communicating together, having a mutual agreement or understanding and respecting each other or each others work. 5D is about walk the talk not just talking about things and do it the other way, Compassion comes from the real heart space and is felt truthfully from love. I feel compassion for your behaviour. Not for you, but your behaviour from the mind in ego. I have still unconditional love for you and everybody but that does not mean people should not be confronted with their 3D duality issues or actions if it is in the moment of now happening. Maybe it would be nice to have at least an e-mailadres on your blog to contact,as I do have on my blog. It is necessaryt if you might be interested in communicating with people. Love and Light, Lucas

      • Lucas,

        Again I give my apologies if you feel that you have been slighted in anyway. Our sole intention is to share articles that will assist all whom may be interested in re-membering their own, unique Heart-based connection to source. We Always include links to the original article and make multiple mentions of the original author. If you take a look at out affiliated sites page, you will find that your blog is listed. It will remain there, unless you notify us to take it down. I appreciate and am grateful for the service that you are providing for all of those who may be seeking guidance. But please do remember that there are many sources where people can receive this information..that’s what makes this grand awakening so beautiful.
        This blog is something that we do on the side, not for profit, not for attention, not for views, not for visits. We are solely an additional source for all of the wonderful soul and life-enhancing wisdom and guidance that we are so blessed to receive daily.
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        Infinite Blessings,
        Andre

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