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Goldman compensation fund to drop to $12 billion: report

People enter and exit 85 Broad Street, headquarters of investment bank Goldman Sachs in New York, October 23, 2008. REUTERS/Brendan McDermid

(Reuters) - Goldman Sachs Group Inc will announce next week its compensation fund, out of which it will pay this year’s bonuses, is expected to be about $12 billion, well below last year’s $20 billion, the New York Post reported on Friday.

Top bankers could see their bonuses shrink as much as 80 percent, while lower-level workers could see their bonuses fall 50 percent, the paper said.

The company could not be immediately reached for comment.

Last month, Goldman said Chief Executive Lloyd Blankfein and six other top officials will not get bonuses for 2008.

Reporting by Pratish Narayanan in Bangalore; Editing by David Holmes

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