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Goldman Drops ‘F-Bomb’ on Alistair Darling

Posted by Larry Doyle on February 9, 2010 1:51 PM |

British Chancellor of the Exchequer Alistair Darling

British Chancellor of the Exchequer Alistair Darling

If the taxman is going after the bonus, then don’t be surprised when the financial industry shifts a greater percentage of overall compensation to higher fixed salaries.

Recall a few weeks back that the UK Chancellor of the Exchequer Alistair Darling announced an aggressive surcharge on the bonus pools of its banks. Well, it did not take long for the banks to respond and revise their base salary structure.

I am happy to link to a London-based site, eFinancialCareers, which highlights changes in the salary structure at banking operations in the UK and specifically focuses on the expected new salary structure at Goldman Sachs. Sarah Butcher of eFinancial Careers writes, Exceptional Salary Increases at Goldman Sachs?: >>

A few weeks ago, we ran an article on alleged bank by bank salary increases. We’ll be updating this tomorrow, but here’s a quick preview.

According to several London recruiters, the salary increases at Goldman have blown other banks’ fixed pay hikes out of the water. The numbers concerned are alleged to be as below.

We asked Goldman to comment on the veracity of these figures; they declined.

Goldman alleged salary increases

These salaries are truly amazing when you think of them. A VP at Goldman Sachs in London will make a base salary equivalent to $315k. That base is likely more than double the equivalent position in New York.

While this adjustment by Goldman and to a lesser extent by other banks is not a surprise, the aggressiveness specifically displayed by Goldman is nothing short of the ultimate “F-you” directed at Chancellor of the Exchequer Alistair Darling.

What a world.


Please check the link to eFinancialCareers in our Financial Primers (right sidebar) for ongoing career developments in the financial industry generally and in the U.K. specifically.

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