The chief executive of Goldman Sachs yesterday called the mounting public fury over bankers' pay "understandable and appropriate", reports the Independent.
Speaking at a conference in Hamburg, Lloyd Blankfein said: "There is little justification for the payment of outsized discretionary compensation when a financial institution lost money for the year." He also called for a blanket ban on multi-year guaranteed bonuses, saying they were "bad for the long-term interests of our industry and the financial system". Full story.....
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