Following Outcry, Goldman Sachs Cuts Bonuses By $6B

Law360, New York (January 22, 2010, 3:17 PM EST) -- Goldman Sachs Group Inc. has reduced the size of its bonus pool for 2009 to $16.2 billion, down from the $22 billion it announced late last year, after facing heavy criticism from lawmakers and the public as well as a pair of shareholder lawsuits.

The cut, announced Thursday along with a record $4.95 billion profit, brings the bonus pool down to about 35 percent of the firm's total revenue. Last year, the firm set aside about half of its revenue for performance-based compensation.

Jay Eisenhofer, partner...
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