Goldman-Sachs bosses receive 50 per cent pay rise

1 April 2008

Bosses at Goldman-Sachs in London have been rewarded with 50 per cent pay increases as profits increased despite the credit crisis.

The ten directors shared $47.8 million, according to accounts filed in companies house, which is up from $23.4 million during 2007.

Michael Sherwood, co-director and a former managing director of Watford football club, saw his pay rise by $10 million to $23.4 million per year.

Goldman-Sachs worldwide is expected to pay out $4.3 billion in salaries and benefits during the first and second quarters of 2008.

Although the company urged that this was under control and within 50 per cent of revenues.

The bank said in a statement that its ability to compete effectively was highly dependent on attracting and motivating employees.

"Our performance is largely dependent on the talents and efforts of highly skilled individuals."

Elsewhere, Bob Diamond, president at Barclay's and manager of its investment banking division, was one of the key industry beneficiaries during 2007 after earning £36 million.

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