Godly banker bonuses
(9 November 2009 – USA) Lloyd Blankfein, chief executive officer, Goldman Sachs, believes banks are helping companies create wealth and are just ‘doing God’s work’.
In an interview with London’s Sunday Times newspaper, Mr Blankfein rebuked the negative widespread attention that the bank had received over the size of its staff bonuses.
The bank announced third quarter earnings of US$3 billion (A$3.25 billion) and will be paying out over US$20 billion in bonuses at the end of the year.
Mr Blankfein, said that banks help companies to grow by helping them raise capital and companies that grow create wealth.
Mr Blankfein added that this in turn allows people to have jobs that create more growth and more wealth; bankers have a social purpose and Mr Blankfein said that he believes he is just ‘doing God’s work’.
Banking compensation practices correlate with long-term performance, Mr Blankfein highlighted.
Others made no money and still paid large bonuses. Some are not around anymore, Mr Blankfein concluded.
The bank announced third quarter earnings of US$3 billion (A$3.25 billion) and will be paying out over US$20 billion in bonuses at the end of the year.
Mr Blankfein, said that banks help companies to grow by helping them raise capital and companies that grow create wealth.
Mr Blankfein added that this in turn allows people to have jobs that create more growth and more wealth; bankers have a social purpose and Mr Blankfein said that he believes he is just ‘doing God’s work’.
Banking compensation practices correlate with long-term performance, Mr Blankfein highlighted.
Others made no money and still paid large bonuses. Some are not around anymore, Mr Blankfein concluded.
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