Goldman Sachs UK partners cap pay at £1m each

This represents a significant sacrifice of several hundred million pounds and is a gesture Goldmans is exercising the restraint the Chancellor has called for from all bankers, writes the BBC. However, many executives working in Britain ranked below partner-level will earn much more than £1m each. The company felt it could not insist these employees take a pay cut as this might have damaged its ability to recruit and retain more able bankers, the BBC reports. Goldmans’ staff will be told this week precisely how much each of them earned for the firm's near-record trading performan...