Goldman told to slash bonuses

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Despite Goldman's record revenues this year, with third-quarter net income soaring above $3 billion (£1.8 billion), investors are expected to earn 22% less per share for 2009 than two years ago.

That is because of the bank's big bonuses, tipped to add up to $20 billion, as well as its issue of more than 100 million shares to boost its capital.

Major investors have voiced complaints about the discrepancy in staff and shareholder earnings in private discussions with the company and at analyst meetings.

They also flagged up concerns about a change in the financial statements during the second quarter: the bank boosted its headcount by adding temporary workers and consultants, making it look as though bankers earn less than they do.

Staff at Goldman are expected to take home an average of $717,000 this year, but stripping out the number of temps and advisers, the average payout hits $775,000.

The bank's spokesman Lucas van Praag said shareholders "have historically been more focused on the absolute return on equity" than per-share earnings.