The huge payout is apparently a possibility due to an executive compensation plan approved by Goldman shareholders earlier this year (In the end, he was actually awarded a mere $53.4m - a Wall Street record). Even this sum, however, dwarfs the $40m awarded to Morgan Stanley boss John Mack last week.
And staying with Morgan Stanley - the firm has also granted in excess of $57m in bonuses to seven other executives in addition to Mack. Total compensation at the firm this year is expected to be in the region of $14.2bn, up around 26% on last year.
We learnt last week that the 'average' total comp for someone who works at Goldman is a massive $622,000. The New York Daily News has reported that the figure for Lehman Brothers is $335,441 and for Bear Stearns is $321,740.
And The New York Post has reported that there is now thought to be a '$100m bonus club' at Goldman. Several staff, including a few in Asia, are thought to be members. Nice.
The size of Goldman bonuses, however, is thought to have become a problem for other firms. Bankers at other firms are taking in all the hype and wondering why they aren't being paid out anywhere near as much. The Sunday Times quotes one unnamed 'London banker', who said that 'this Goldman stuff has caused us a nightmare. Suddenly I've got a row of 25-year-olds outside my door telling me that if they get $390,000 (£200,000), it's not enough!'.
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