Goldman Sachs is rewarding its staff with a record-breaking $18 billion in bonuses after making shrewd decisions regarding the sub-prime market.
Up to 5,000 of its London staff will share get a share of the cash, although a handful of senior partners could get up to $10 million each and 400 partners will receive 20% of the pool between them.
Senior mergers and acquisitions banker for Goldman in Europe, Simon Dingemans, is likely to receive more than $10 million, which will be paid in the form of cash and shares.
Other major Goldman players, including co-chief executive in Europe, Michael Sherwood, head investment banking in Europe, Yoel Zaoui, and managing director of investment banking, Karen Cook, are also looking at multi-million dollar bonuses.
The rest of Goldman’s workforce is likely to earn around $615,000 extra each thanks to the record-breaking bonuses.
The bank avoided the worst of the sub-prime market crash, Predicting in the spring that the future of the US sub-prime market was looking bleak. As a result, Goldman sold off many of its liabilities weeks before the crash.
With rivals, such as Citigroup and Morgan Stanley buying up the liabilities, bonuses at most of its competitors are unlikely to be impressive.