Goldman (GS) to Cut U.K. Banker Pay
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Price: $1,055.18 -0.07%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 2.1%
Revenue Growth %: +10.6%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 2.1%
Revenue Growth %: +10.6%
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Goldman Sachs (NYSE: GS) announced Thursday morning it's International division has triggered a clause which may cost some London bankers a little pay.
According to Financial News, Goldman's clause was inserted into employment contracts of a group of London bankers in mid-2009, which reserved the right to cut the bankers' base pay after two years.
This clause was added after Goldman increased the base pay following pressure from the U.K. to ebb its bonus structure. Goldman wanted to retain the bankers at the time, and the only way without paying sky-high bonuses was to increase their base pay.
Goldman is 0.3 percent lower Thursday morning.
According to Financial News, Goldman's clause was inserted into employment contracts of a group of London bankers in mid-2009, which reserved the right to cut the bankers' base pay after two years.
This clause was added after Goldman increased the base pay following pressure from the U.K. to ebb its bonus structure. Goldman wanted to retain the bankers at the time, and the only way without paying sky-high bonuses was to increase their base pay.
Goldman is 0.3 percent lower Thursday morning.
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