City 'preparing 50% bonus rise'.Summary: A leading research group has said that the City is preparing a 50 per cent rise in annual bonuses, to Au6 billion. A leading research group has said that the City is preparing a 50 per cent rise in annual bonuses to Au6 billion. The Centre for Economics and Business Research (CEBR CEBR Centre of Economics and Business Research (Denmark) CEBR Centre for Economics and Business Research Ltd (London, UK) CEBR Cedar Breaks National Monument (US National Park Service) ) says that as bank profits make a swift recovery, better-than-expected second and third quarter figures will result in a leap from the Au4 billion seen in January's annual bonus round. The forecast has angered Liberal Democrat Liberal Democrat Noun a member or supporter of the Liberal Democrats, a British centrist political party that advocates proportional representation Liberal Democrat n (BRIT) → Treasury spokesman Vince Cable, who said the big increase did not reflect the particular contribution made by bankers to the economy. "These bonuses are coming from the fact that banks are earning money from substantial Government borrowing and are able to earn bigger profits because there is less competition. What is particularly galling is that all their activities are in turn underwritten by the taxpayer," he said. The CEBR bi-annual report on the London economy comes a week after bumper earnings figures from US banks JP Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. and Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. . Goldman revealed it was setting aside Au10.2 billion for the first nine months of 2009, to cover compensation and benefits. That represents 46 per cent more than a year ago. It comes after third-quarter net earnings rose to Au1.96 billion. However, the CEBR said that despite the recent bounce back bounce v. bounced, bounc·ing, bounc·es v.intr. 1. To rebound after having struck an object or a surface. 2. , it will still be at least five years before finance sector bonuses return to their pre-crisis levels. A mammoth mammoth, name for several large prehistoric elephants of the extinct genus Mammuthus, which ranged over Eurasia and North America in the Pleistocene epoch. Au10.2 billion was paid out in 2007 just before the troubles hit. Independent Television News Limited 2009. All rights reserved. Independent Television News Limited 2009. All rights reserved. Provided by Syndigate.info an Albawaba.com company |
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