Goldman Sachs on Track for Biggest Bonuses Ever
Goldman Sachs is on track to hand out its bigest bonuses ever. As the recession crushed its competition, Goldman Sachs reaped the benefits, and has been having a very profitable year so far. According to internal memos, should Goldman Sachs reach its biggest year ever, execs would find themselves getting the biggest bonuses that GS has ever handed out.
However, GS was not unscathed by the market collapse, having laid off 10% of its work force and taken $12 billion in federal bailout money.
Outsized bonuses have been the enduring symbol of financial institutions' fiscal irresponsibility as the sub-prime market collapsed.
Goldman staff in London were briefed on the outlook and told they could look forward to the bonus hikes if the company registers its most profitable year ever, the report said.