Highlights of 2011: Goldman Sachs International invokes pay cut clause

From August 25: Goldman Sachs International triggered a clause inserted into the employment contracts of a group of its London-based investment bankers that will result in them having to take a pay cut

On August 25, Financial News broke the news story that some staff at Goldman Sachs's European division were set to get a cut to their base salaries due to the bank exercising a clause that had been inserted into their employment contracts. Here is one of the news highlights of 2011.

Goldman Sachs International has triggered a clause inserted into the employment contracts of a group of its London-based investment bankers in mid-2009 that will result in them having to take a pay cut, Financial News has learnt.

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