Goldman Sachs Cuts Giving by 75 Percent
January 19, 2012 | Read Time: 1 minute
Goldman Sachs cut its charitable giving by more than three-quarters to $78-million last year while reducing compensation at a far lower rate, the Daily Mail and The Independent write.
The banking giant, announcing its annual results Wednesday, said its total compensation bill, including salaries and bonuses, declined 21 percent in 2011. Goldman reported profits of $4.4-billion, a 4.4 percent drop, and planned to hand out $12.2-billion in bonuses, down by 26 percent from 2010.
The company gave $320-million to charity in 2010 and $500-million in 2009, according to the Mail.
British leaders are under increasing public pressure from activists and unions to rein in compensation in the financial sector. Vince Cable, the government’s business secretary, is set to announce a strategy Tuesday for cracking down on executive pay.
