Goldman Sachs to hike banker pay in London as it scraps bonus cap
London-based bankers working for Goldman Sachs as set for a windfall year, as the American bank removed its cap on bonus pay.
Goldman on Thursday announced the removal of the bonus cap for its London-based staff and as a result, its top earners will be able to receive up to 25 times their base salary in bonuses.
The bank said this will align its UK bonus structure with its global practices.
Previously, EU rules had prevented bonus above 100% of salary, extendable up to 200% with shareholder approval. The restriction was intended to curb excessive risk-taking following the financial crisis.
The cap was abolished last year as the UK sought to enhance the competitiveness of London as a global financial hub.
According to Goldman, it can adopt a more flexible, performance-based compensation structure.
Explore Bias
Initial media reports largely focus on factual updates about Goldman Sachs' policy change. Some outlets highlight the broader context of regulatory changes in the UK, post Brexit, and reactions from other banks.
The media coverage generally takes a business perspective, typically favouring less regulation in financial markets, a perspective that would be aligned with the interests of major financial institutions.
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- "Goldman Sachs to scrap bonus cap for hundreds of UK staff" - The Guardian
- "Goldman Sachs scraps bonus cap for top London-based staff" - Sky News
- "Goldman Sachs to scrap bonus cap for London-based staff" - City AM
- "Goldman Sachs scraps bonus cap after post-Brexit rule change" - The Telegraph
- "Goldman Sachs axes bonus cap for London bankers" - Financial News
- "Goldman Sachs to Scrap Its Pre-Brexit Cap on UK Bonuses" - Bloomberg
