GO
Loading...

Goldman Sachs Backs Down on UK Bonus Plan

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

Contact Europe News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More*

Europe Video

  • Limor Schweitzer, founder of RoboSavvy discusses the different uses of 3D printing, saying the technology could have a big impact on education and really make robotics "shine".

  • Eamon Javers, Washington Correspondent for CNBC said U.S Secretary of Defense Chuck Hagel's resignation may have appeared a "surprise", but President Barack Obama had known about this situation for a few months.

  • Kate Shoesmith, head of policy at the Recruitment and Employment Confederation, responds to U.K. Labour Party leader Ed Miliband's comments that he will not tolerate rogue employment agencies undercutting wages.