Bonus Watch ’14: Bonus Cap Auteur Doesn’t Give A Tiny Rat’s Ass What Goldman Employees Get Paid

Goldman Sachs is pioneering a new type of financial innovation: European compensation structures. Goldman has gained approval from U.K. regulators for a complex pay structure, according to people familiar with the matter, putting it ahead of rivals still scrambling to deal with a new European Union bonus cap. U.K.-based staff are being told about the details of this year’s pay structure but the information isn’t public yet…Allowances won’t count toward pension contributions but, crucially, will count as fixed pay in bonus calculations—essentially giving banks a partial way around the bonus cap…Backers of the bonus cap say reducing overall pay levels wasn’t their goal. Instead it was to make sure pay structures didn’t encourage short-term risk-taking, said Arlene McCarthy, a British member of the European Parliament who helped draft the rules. “I don’t give a s— what they’re paid frankly,” she said. [WSJ]

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10 Responses to “Bonus Watch ’14: Bonus Cap Auteur Doesn’t Give A Tiny Rat’s Ass What Goldman Employees Get Paid”

  1. Guest says:

    Sounds like a new product line developing…. a desk that can value and trade bankers bonuses in a secondary market.

  2. CNN Breaking News says:

    Shorting that ETF…

  3. Bored Guest says:

    That picture just makes me want to scratch under his chin and rub his head and behind his ears and say "Good boy! You're such a good boy, aren't you?" using a deeper than normal voice.

  4. McFly says:

    Lloyd, you are my density ….

  5. Late 2013 Awards says:

    Henry Waxman or Blankfein for "House-Elf of the Year"?

  6. Jackass says:

    Bonuses are overrated.

    – Gorman

  7. UBS MD says:

    What exactly is a bonus cap?