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.
Goldman Sachs will report fourth quarter earnings on Wednesday.
-By CNBC's Katy Barnato