Last year, Goldman Sachs’ profits fell by 38 per cent. Yet its head of UK and Europe, Michael Sherwood, is getting a 60 per cent rise on his 2009 bonus, up to £9 million.
Its CEO, Lloyd Blankfein, is getting a 380 per cent pay increase, up to $2 million, plus $12.6 million of stock. The shares amount to a 42 per cent rise from the $8.9 million all-stock bonus he got in 2009. In the world of finance capital, nothing succeeds like failure.