Goldman Sachs on Track To Pay Record Bonuses This Year
investment banking giant
Goldman Sachs
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people
) is on track to pay record bonuses to its executives this year, after a very healthy first half.
Goldman's London staff were told that if this year is the most profitable in the company's history, they would be rewarded with sizable bonus increases.
Citing Goldman insiders, the article attributed Goldman's success so far this year to less competition, as well as higher revenue from currency trading, bonds and fixed-income products.
The same companies who required federal loans to stay afloat were often reported as paying multimillion-dollar bonuses, which has drawn the ire of both taxpayers and the Obama administration.
Goldman received $10 billion from the federal TARP program last year, which it repaid to the federal government last week.
clipped from: www.forbes.com