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.