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Goldman Sachs Timing Bonuses For U.K. Workers

NPR
Monday, January 14, 2013

Copyright 2018 NPR. To see more, visit http://www.npr.org/.

According to the Financial Times, Goldman Sachs is looking at waiting until the top British tax rate falls by 5 percent in April before paying out bonuses. In December, Goldman paid $65 million in bonuses to its top American-based executives before the tax rate rose for high income earners, as part of the Fiscal Cliff deal.

Transcript

(SOUNDBITE OF MUSIC)

STEVE INSKEEP, HOST:

NPR's business news begins with an artful dodge.

Goldman Sachs is reportedly planning to hold back paying bonuses to its employees in the U.K. That's according to the Financial Times, which reports the bank is looking at waiting until the top British tax rate falls by 5 percent in April before paying out the bonuses that would otherwise pay now.

This move is not unlike what the investment bank just did in the United States. In December, Goldman paid $65 million in bonuses to its top American-based executives immediately before the tax rate rose for high income earners, as part of Washington's fiscal cliff deal. Transcript provided by NPR, Copyright NPR.

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