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Several group partners of financial services major Goldman Sachs are likely to see their 2011 pay slashed at least by half from 2010, says a media report.
“At Goldman Sachs Group Inc, many of the roughly 400 partners can expect to see their 2011 pay cut at least in half from 2010,” The Wall Street Journal reported citing a source. Pay for some employees at Goldman Sachs' fixed-income trading business will shrink by 60 per cent, with some workers not getting a bonus, the report said.
For the typical Goldman partner, pay for 2011, including base salary and bonus, is likely to range from $3 million to $6.5 million, the report said, adding in better years, payouts have been at least twice as high.
At Goldman, average compensation for an employee would fall 10.7 per cent to $385,000 for 2011 from $431,000 in 2010 if the US-based company keeps its payout rate steady in the fourth quarter.
In 2007, Goldman employees received an average compensation of $661,000 each, and people throughout the firm are bracing for disappointment.
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