Investment Bank Goldman Sachs set aside $5.35bn in its third-quarter results to take its compensation pool for the first nine months of the year to $16.7bn.
It is expected to pay significantly in excess of the £1.1bn it paid in corporation tax last year, and in excess of £1bn in employees' income tax should average annual staff earnings - pay and bonuses - hit the estimated £450,000 mark this year.
The calculations - while not justifying the bank's lucrative compensation policies - highlight the importance of the bank's profitability to the British Exchequer, at a time of continuing losses and a growing budget deficit according to The Telegraph.
Goldman Sachs declined to comment on the estimates, but a spokesman said: "We have historically been a major corporate taxpayer in a number of our key jurisdictions, including the US and the UK." See story...
Bank of America's chief executive has been forced by the US Government's "pay czar" to give up his bonus and salary for 2009 as well as forgoing $1m (£612,000) he has already received says The Times.
Ken Lewis has faced criticism for his management of the bank, especially over the decision to buy the struggling Merrill Lynch last year, and will receive no financial reward for 2009 before retiring at the end of the year.
Kenneth Feinberg, pay supervisor at the US Treasury Department, has been examining salaries at bailed-out banks and will have considered the $45bn in government funding required by Bank of America after the $50bn Merrill Lynch deal depleted the bank's cash reserves. See story...
Google said yesterday that the worst of the recession is now over as it reported a rise in quarterly profits and sales ahead of analysts' expectations reports The Times.
The internet search group said that net income in the third quarter was $1.64bn, or $5.13 a share, up 27% from $1.29bn, or $4.06 a share, a year earlier.
Sales for the three months to September rose 7% to $5.94bn, suggesting that the demand for online advertising is growing as the economy shows signs of recovery. See story...
The aviation sector's constant evaluation of errors in order to improve safety should be applied to defined benefit (DB) schemes, as too many are repeating the same mistakes again and again, research has shown.
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