Average bonuses of $1 million or less!? That can’t possibly be true. We knew things were bad, but…
FT: For the first three quarters of 2008, Goldman has reported profits of $4.4bn, down by almost half from last year’s sum. According to SEC filings, it has set aside $11.4bn for pay and benefits, a decline of 32 per cent over 2007. Barring a big change in the firm’s performance, the current partners can expect bonuses, on the average, of $1m or less, according to people familiar with the matter.
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