December 31, 2014 / 8:26 AM / 5 years ago

RPT-Goldman tops UK banker pay with $4.7 mln awarded for 2013

(Repeats DEC 30 story, no change to text)
    * Goldman tops London banker pay league based on 2013 data
    * Data show 3.4 bln stg paid out to 2,600 top bankers at 13
banks
    * Goldman, Bank of America paid most in bonuses vs fixed pay

    By Steve Slater
    LONDON, Dec 30 (Reuters) - Goldman Sachs paid its top
121 London bankers about 3 million pounds ($4.7 million) on
average last year, far exceeding payouts at other leading banks,
data released on Tuesday showed.
    The U.S. investment bank's data showed that it paid staff in
senior or risk-taking positions $193.6 million in 2013 and gave
them 2.1 million restricted stock units (RSUs), worth $377
million based on the bank's share price at the end of that year.
    The RSUs are due to be paid out over three years, but they
may not be paid in full and can be clawed back at a later date.
    The remuneration figures mean that Goldman was easily the
highest paying of 13 leading U.S., British, Swiss and Japanese
banks in 2013.
    Data compiled by Reuters from the 13 banks showed 2,600
employees at British banks or working in London were paid more
than 3.4 billion pounds in 2013, or an average of 1.3 million
pounds each. That is almost 50 times average annual pay in
Britain.
    The details are the most comprehensive released on bankers'
pay in Britain, which remains a hot topic after large bonuses
were blamed for encouraging risk-taking and contributing to the
financial crisis. Many shareholders have also voiced criticism,
saying that pay needs to come down to improve profitability.
    The 2013 pay disclosures cover British banks globally and
overseas banks' British-based staff. EU banks outside Britain do
not need to disclose the details.
    Most banks released the details earlier this year, but
Goldman, Citigroup and Credit Suisse all
reported in the past week, just before the year-end deadline.
    The data showed that Goldman and Bank of America 
face the most work to restructure pay to meet new EU rules that
came into effect at the start of 2014 and cap bonuses at 200
percent of fixed pay.
    Both banks paid senior staff more than five times more in
variable pay than fixed pay in 2013.
    The following table shows what the banks paid their senior
and risk-taking employees, known as "code staff", in 2013.
Figures are in millions of pounds, with $1 = 0.6436 pounds where
banks reported in dollars.
        
 BANK        NO. OF      AGGREGATE   AVERAGE     VARIABLE
             CODE        PAY         PAY         VS FIXED
             STAFF*                              
 Goldman     121         367.1**     3.034       x5.5
 Sachs                                           
 Bank of     110         180.2       1.638       x5.3
 America ML                                      
 Morgan      116         178.9       1.54        x2.9
 Stanley                                         
                                                 
 JPMorgan    209         318.6       1.525       x4.1
                                                 
 Credit      165         250         1.518       x3.6
 Suisse                                          
 Nomura***   79          114.9       1.455       x2.9
                                                 
 Barclays    530         753         1.421       x3.9
                                                 
 Citigroup   182         250****     1.374       x1.6
 UBS         156         195.1       1.25        x3.0
                                                 
 HSBC        330         372.9       1.13        x2.8
                                                 
 Standard    124         134.3       1.083       x1.9
 Chartered                                       
                                                 
 RBS         342         213.5       0.624       x1.1
                                                 
 Lloyds      140         80.5        0.575       x1.4
                                                 
 TOTAL       2,604       3,409       1.31        x3.1
    *UK banks' group-wide code staff and non-UK banks'
British-based code staff.
    **Includes estimated value of restricted stock units, based
on end-2013 Goldman Sachs share price
    *** For year ending March 30, 2014
    **** Includes compensation paid previously that vested in
2013.

 (Editing by David Goodman)
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