Goldman Sachs pays its bankers in the U.K. twice the pay its closest U.S peers shell out, according to Bloomberg. Goldman Sachs employees took home $4.72 million in cash bonuses and stock. More than two thirds of this amount was paid to investment bank employees.
British regulators have been asking for more transparency about pay for senior executives. Politicians have been critical on what they see as excessive high pay for some employees, because they believe it provides an incentive to take on too much risk, and overly aggressive speculation was to blame for the financial crisis.
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Bank of America’s employees received an average of $2.54 million, with J.P Morgan paying its bankers $2.37 million and Citigroup with an average of $2.13 million. British politicians scrapped a strategy to overturn a European Union ban on bonuses for bankers that are almost double fixed pay. Each of the American banks operating in Britain, aside from Citigroup, gave double the amount in awards as fixed pay in 2013.
