Goldman Sachs staff receive £8bn despite fall in profits

Goldman Sachs staff received $12.2bn (£8bn) in pay and bonuses in 2011 – an average of $367,000 (£238,000) each – despite a fall in profits.  

The investment bank reported a 26% drop in full year revenue to $28.8bn, while net profits dropped by 47% to $4.4bn. Profits more than halved in the final three months of the year.

The firm used 42% of its revenue to pay its staff in 2011, an increase of 3% on the previous year. Total payout per staff member was down 15% on the $430,000 paid the previous year and the total amount paid to staff was down 21% at $12.2bn. 

David Hillman, spokesperson for the Robin Hood Tax campaign, said:

“When even in a bad year each Goldman employee pockets an average of £238,000 - nearly ten times the average UK salary - it's proof that banks live in a parallel universe to the rest of us.

“Governments should bring banks back down to earth and ensure this money is used to help not those who caused the financial crisis, but those feeling its effects.”