The_Guardian_-_2016-12-29

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Executive pay and bonuses
Nearly 1,000 City staff at four big US banks
given €1m in pay deals in 2015
Disclosures by Goldman Sachs, JP Morgan, Morgan Stanley and Bank of America Merrill Lynch
show 971 staff received €1m
Goldman Sachs disclosed that 11 of its key City staff received at least €5m in 2015. Photograph:
Shaun Curry/AFP/Getty Images
Jill Treanor
Wednesday 28 December 2016 17.34 GMT Last modified on Thursday 29 December 2016
00.05 GMT
Four major US banks handed almost 1,000 of their top City staff at least €1m (£850,000) in pay deals
last year.
Goldman Sachs, the highest profile Wall Street bank, disclosed that 11 of its key staff received at
least €5m in 2015.
The disclosures by Goldman, JP Morgan, Morgan Stanley and Bank of America Merrill Lynch show
that 971 of their staff received €1m in 2015.
The information was provided in regulatory disclosures instituted since the 2008 banking crisis, when
it became apparent that bankers were being paid huge sums that could not be withheld when banks got
into trouble.
Regulations now require banks to spread out bonuses over a number of years. Morgan Stanley, for
instance, said that 40% to 60% of its pay deals were deferred over three years, with part of it in
shares.