City bank workers poised to bank big Christmas cheques

12/09/2006

Some one-in-four workers in the City of London district may be able to splash out more this Christmas as the big banks report record profits.

Leading securities firm Goldman Sachs today set the tone for a new round of bonuses valued in multi-millions, with 28 per cent of London-based bankers predicting bonus raises of 50 per cent.

The company, which is based in New York, delivered its third-highest quarterly net revenues, totalling $7.46 billion (£4 billion).

It has consequently set aside $13.9 billion (£7.4 billion) in total for salaries and bonuses during the first nine months of the trading year, triggering an anticipated payout for each of Goldman's 24,000 employees - including secretaries - of $726,000 (£387,255), according to research conducted by the Daily Mail.