The international welfare state for super-rich bankers

Goldman Sachs is to slash the size of the bonuses awarded to its top British bankers by hundreds of thousands of pounds, it emerged today.

This means that its 32,500 staff - more than 5,000 of them in London - will get an average $500,000 (£309,000) even after bonuses are trimmed.

TUC general secretary Brendan Barber said: 'Goldman Sachs wants us to believe its bonuses are modest. But the truth is we have set up an international welfare state for super-rich bankers."

Well said Brendan.

Note: I advise the TUC, but not on this issue

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