Goldman Sachs is trimming the salaries of some of its London-based bankers, The Wall Street Journal reports. The move comes as the temporarily higher salaries granted to the executives for 2010 will expire in the beginning of 2012.
The U.S. bank has cut the total amount set aside to pay employees by 9% in the first half of 2011, to $8.4 billion, following an 11% decline in net revenues. Separately, Goldman has raised the salaries of its highest ranks, including the CEO, COO, CFO and vice chairmen.
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