It remains to be seen whether this will impact their annual total pay but it's curious to note this change. Without the fat handouts by government, the bankers would have crashed and burned yet they are still offended that anyone dares question their value. They're outraged by anyone who suggests that they're a bunch of socialism-for-the-rich freeloaders. They wanted capitalism so governments around the world should let them have it. But of course that means that they would lose everything and be on the street.
Much like the Teabaggers who want the government out of everything except when it impacts themselves, the bankers want hard core capitalism except when it's for themselves. Then it's hyper-socialism so they can buy their Ferrari cars and vacation on yachts. Will this pay decrease change anything? Probably little will change until the industry is truly reformed. The Guardian:
US investment banking firm Goldman Sachs is cutting the pay of hundreds of its London bankers. The bank, which ratcheted up basic pay in 2009 to avoid the Labour government's bank bonuses tax, has invoked a clause in its investment bankers' contracts to bring it back down.
Two years ago, Goldman, which employs 5,500 staff in London, changed the contracts of UK-based bankers to increase salaries by 50-100% while decreasing bonuses. Last year, the bank paid its staff an average of $430,000 (£263,000) and its total pay and bonus pool amounted to $15.3bn.
The pay cut is thought to affect staff at managing director or partner level. Goldman refused to comment.
