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Goldman Sachs Backs Down on UK Bonus Plan

Tuesday, 15 Jan 2013 | 12:04 PM ET
Andrea Bricco | Brand X Pictures | Getty Images

Goldman Sachs backed down on Tuesday on its plan to delay paying U.K. bonuses in order to benefit from an imminent cut in the top personal tax rate.

A person familiar with Goldman Sachs told CNBC that the bank had decided against delaying bonus payments at its compensation committee, held on Tuesday.

Goldman Sachs provoked a furious reaction from both U.K. politicians and the public when it touted delaying bonuses until after the top U.K. tax rate falls from 50 percent to 45 percent.

(Read More: Westminster Hits Out at Goldman Sachs Bonus Plan)

Goldman Sachs will report fourth quarter earnings on Wednesday.

-By CNBC's Katy Barnato

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