22.03.2013 01:33

Goldman Sachs will ignite a storm of controversy in the new year when it reveals that its bankers are on course to collect pay and bonuses worth $19bn (£11.4bn), despite 2009 being the worst year for the US economy in 30 years. The news comes as banks in Britain find themselves in the firing line after it emerged that 5,000 bankers stand to collect more than £1m each, sparking criticism from ministers who accused financiers of being out of touch as millions are thrown out of work amid recession.

City sources say that the pay and bonus pot at Goldman is based on projected figures from Thomson Financial, published on Friday, which show that the investment bank is expected to generate net income of around $45bn. Analysts predict that 43% of that figure will be set aside for compensation to be distributed to the bank's 31,700 employees, 6,000 of whom are in London. Remuneration as a proportion of net income is expected to be lower than the average of 46.7% in the 10 years to 2008, partly as a sop to US public opinion.

Brad Hintz, investment banking analyst at Sanford Bernstein, says: "Everyone inside the firm is aware there is more than enough money available to make everyone happy." Goldman has enjoyed a bumper year thanks to booming debt markets, a recovery in the oil price and a rise in the value of equities since January, with some indices up by 20%. The bank trades off its own account as well as on behalf of clients.

Goldman's three leading executives, chairman Lloyd Blankfein, president Gary Cohn and chief financial officer David Viniar, will receive multi-million dollar payouts after forgoing their bonuses last year when the bank made a loss in the fourth quarter. Average compensation for the rest of the workforce will come in at about $743,000. The bonus culture is under attack on both sides of the Atlantic as it is blamed for having encouraged bankers to make reckless decisions during the credit boom that contributed to the near collapse of the financial system in 2008.

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22.03.2013 01:33

Wall Street has finally gotten the piece of economic news it has been waiting for: the battered labor market may be starting to heal. But with major stock gauges at their highest levels in more than a year, recovery bets could already be baked into the cake. The week ahead brings a modest array of economic reports. Highlights include readings on retail sales, consumer sentiment and the trade gap. President Obama and Federal Reserve Chairman Ben Bernanke are among the speakers on tap. But none of these events are likely to change the markets' direction much.

Through the end of 2009 and the first quarter of 2010, stocks are bound to stick to a narrow range, as investors hold onto gains off March lows and seek the next catalyst, said Jamie Cox, managing partner at Harris Financial Group. "The broad averages are probably going to go sideways and for a while," Cox said. "It's not going to be as hard or as easy as it's been in the last 24 months, where everything rose, everything fell, then everything rose again. The next few months are going to be stock by stock."

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