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Goldman Sachs staff share £8.1 billion bonus package

Nearly 6,000 UK employees at US banking firm, Goldman Sachs are set to share bonus packages of £8.1 billion working out at an average bonus payout for each employee of £250,000.

The package is 6% higher than the pot handed last year and comes after Goldman Sachs was forced to back down on plans to defer bonus payments to British staff until the new financial year to take advantage of a tax cut.

Goldman's chief executive, Lloyd Blankfein, said: "While economic conditions remained challenging for much of last year, the strengths of our business model and client franchise, coupled with our focus on disciplined management, delivered solid performance for our shareholders."

The TUC has branded these bonuses "undeserved". It's general secretary, Frances O'Grady said they should be spent supporting "real business growth".

She added: "Ordinary workers across the UK are suffering real terms pay cuts as a result of our current economic troubles.

"And yet the very institutions responsible for this huge squeeze in living standards, both through causing the financial crash and failing to lend adequately to businesses, are now back handing out six figure bonuses and huge inflation busting pay rises.

"The billions wasted on undeserved bonuses could be far better spent on what banks are supposed to do - supporting real business growth."

O'Grady added: "The Government should force banks to get back to serving the wider economy, rather than simply serving themselves lavish rewards."