MW: Goldman caps U.K. partner pay at $1.6 mln: report
By Simon Kennedy
LONDON (MarketWatch) -- Goldman Sachs' [S: gs] 100 U.K.-based partners will have their total pay and bonuses for 2009 capped at 1 million pounds ($1.6 million) each, the BBC reported Monday. One executive at the bank said the partners wanted to be seen to be exercising the restraint that the U.K.'s Chancellor of the Exchequer Alistair Darling has been calling for, the report said. However, it added that many executives in the U.K. below the partner level will earn more than 1 million pounds each as the firm fears it might otherwise lose those employees to rival banks. Goldman employees will be informed of their bonuses this week. Over the weekend, the Financial Times reported that Barclays (UK:BARC 276.50, +5.15, +1.90%) (BCS 17.10, -1.12, -6.15%) will defer payment of up to 100% of bonuses for its top staff.
