Bank giant Goldman rewards staff with £9.6bn

Wall Street banking giant Goldman Sachs revealed today that staff earned a total of 15.4 billion US dollars (£9.6 billion) in pay and bonuses last year - equivalent to around £270,000 per employee.

The total figure represents a 5% decline on the previous year's pot, but the share of revenues paid out in salary and benefits for 2010 was up from 35.8% at 39.3%.

The firm, which employs around 6,000 staff in the UK who are all eligible for performance-related bonuses, posted a 38% drop in net earnings to 8.35 billion US dollars (5.23 billion) for the year to December 31. This followed a 13% decline in revenues to 39.16 billion US dollars (24.51 billion).

The figures are the latest in the annual results season for major US banks and will be watched closely on these shores as UK banks prepare to release their own figures next month.

23  November 2017 .......      Prime Minister Theresa May and Chancellor Philip Hammond during a visit to Leeds College of Building, a specialist further and higher education construction college.  Picture Tony Johnson

Budget 2017: Hammond and May put on united front on visit to Leeds College of Building