Goldman Sachs Ready for Record Bonus

About a year ago, Goldman Sachs was a struggling financial institution and was only prevented from collapsing through a US Treasury bail out amounting to $10 billion. Some of the unlucky ones, like Lehman Brothers, went out of business through one of the largest bankruptcy cases, leaving thousands of its employees jobless instantly.

Now, they’re back in business well and healthy after posting a record profit of $3.19 billion for the last quarter boosted by vibrant trading, resurging stock prices and the returning of the financial market to its golden days.

As the firm has a policy to set aside about half of the revenues to pay its staff, some 31,000 Goldman employees worldwide now are poised to receive a record breaking bonus payout. A little calculation done by the Guardian UK estimates that on average, each of the employee would receive about a massive $700,000 in bonus compensation. It will also down as the highest bonus ever paid in the history since its establishment.

For a mid-level executive, a $700,000 earnings will make him or her the highest paid worker in the world.

All this is happening with the US unemployment continues surging upwards, default mortgages are on the rise and other normal workers are worried if they will be getting the next paycheck.

The Goldman Sachs Group is a 140 year old bank that engages in a number of financial operations including investment banking, securities and investment management. It offers financial advisory to large corporations, governments and wealthy individuals and has been in the thick of actions involving mega mergers, acquisitions, major underwriting services, proprietary trading and equity deals. The company’s global headquarter is in Lower Manhattan, New York.

Other posts you may want to read:

1. Goldman Sachs to Set Up Malaysia Office
2. Top Executives Declining Year-End Bonus
3. Banks – Will There Be Bonus?
4. No Bonus For Vikram Pandit & Co
5. No Bonus for Singapore Civil Servants

Author's bio: Zul is the founder and principal contributor for the SKOR Career blog. He is the author of two books, The Malaysian Job Seeker's Dilemma and Buat Duit Tanpa Kerja Makan Gaji (How to Make Money Without a Job), available in major book stores nationwide. You can reach him at zulkiflimusa[at]gmail.com.