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Loan Protection: Goldman Sachs staff share £2.5bn remuneration pool

Goldman Sachs staff received a £2.5 billion remuneration package despite the company reporting huge losses.

The Wall Street firm confirmed that net income in the second quarter of 2010 fell to $613 million (£404 million), compared to $3.4 billion a year ago.

Profits were severely dented by the $600 million UK bonus tax and the US regulator's record $550 million fine to settle an on-going fraud case.

"The market environment became more difficult during the second quarter and, as a result, client activity across our businesses declined," said Goldman Sachs chief, Lloyd Blankfein.

Despite the losses, the average salary at the firm would still be $273,000 if this quarter's results were repeated throughout the year.

Goldman has increased the ratio of revenue it awards to employees, in spite of pressure from the US government to reduce this figure.

During the first quarter of this year, 43 per cent of all income was awarded to staff.

Posted by Amir Hussain

Amir specialises in personal loans, consumer debt and debt management. ADNFCR-2776-ID-800003610-ADNFCR



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