Why can’t they donate at least 50% of their illegally earned,which circumvented law,to the cause?Come to think of it, why can’t the Federal Govt. make it mandatory for these alms seeking companies to pay up to this noble cause?
Goldman Sachs will top a list of Wall Street giants delivering a combined profit of almost $25bn (£15.3bn) in their full-year results out this week.
The announcements will come as Goldman is considering mandating senior bankers to donate a small portion of their earnings to charity in an attempt to deflect the ensuing row expected over the size of its bonus payments.
Analysts expect the bank to say on Thursday that it has produced profits of $11bn (£6.8bn). Citibank and Bank of America are both likely to deliver profits of at least $6bn, while Morgan Stanley will reveal a much smaller figure of around $1.2bn. All the profit figures will depend on the size of compensation packages, including bonus pools that each bank awards their staff.
Goldman, which is expected to report a close-to-record pay and bonus pot just shy of $20bn alongside strong 2009 results, hopes the charity gesture will go some way to reducing the level of animosity felt towards the bank. Because of the size of the rewards it offers – the average employee will take home $625,000 for 2009, based on analyst estimates – Goldman has been criticised for its compensation practices, more so than any other bank. This is something which senior management is concerned could have an impact on recruitment of the best talent.
The bank’s 32,000 staff are set to learn of their bonus tomorrow.
Goldman’s rivals are also believed to be working on ways of addressing criticism over excessive pay levels, from reducing the amount of bonuses paid in cash to limiting the overall amount to be spent on compensation, in the hope of placating politicians on both sides of the Atlantic.
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7005851/Goldmans-to-tell-staff-give-to-charity.html
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