Goldman Sachs Pays Interim Bonuses

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Goldman Sachs awarded its 100(ish) London-based Partner Managing Directors with an interim bonus in August.

The bonuses, paid in deferred equity and complete with clawback provisions, were pre-approved by UK market regulator The Financial Services Authority.

Goldman restricted its London-based senior executives to bonuses of no more than £1m for 2009 (due to the UK government's call for pay restraint), and August's awards were made as a retention aid, as the firm had been losing bankers to rivals offering multi-year guarantees.

Credit Suisse, another firm which had been losing staff to rivals this year, also awarded some of its senior staff in London mid-year cash bonuses on September 1st, although the payments will not be actually handed over until 2012 or 2013, and could be adjusted based on future performance.

The monies were allocated as an attempt by the firm to make it up to its London-based bankers, who suffered a greater impact because of this year's UK bank payroll tax than their international colleagues.

In the meantime, The Daily Express reports that, according to consulting firm Kinetic Partners, 'one-in-four hedge fund employees have already left London to move to Switzerland', and that the UK has missed out on some £500m in tax revenues because of the talent drain.

Finally, Hedgeweek reports that 100 Women in Hedge Funds, a non-profit organisation, raised almost £500,000 in London Friday night for homeless charity Centrepoint.

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