Goldman Sachs Group Inc. paid its top bankers in the U.K. an average of $4.72 million in 2013, about double what its largest U.S. rivals awarded to their most senior workers in Britain.
The 121 employees received $106.3 million in cash bonuses and stock valued at $377.4 million at the end of 2013 in addition to salaries of $87.3 million, according to Goldman Sachs regulatory disclosures for U.K. operations. More than two-thirds of the total went to investment-bank employees.
British regulators have required banks to provide more disclosure on pay for so-called code staff, which includes senior executives, risk-taking employees and those who oversee control functions. Politicians and regulators have blamed banks’ compensation practices for incentivizing risk that helped lead to the financial crisis.
Bank of America Corp. awarded 110 employees an average of $2.54 million each, according to its filing. Morgan Stanley, JPMorgan Chase & Co. and Citigroup Inc. paid their top U.K. staff an average of $2.39 million, $2.37 million and $2.13 million, respectively. JPMorgan had the highest number of code staff at 209.
Britain abandoned a bid to overturn a European Union ban on banker bonuses of more than twice fixed pay after it suffered a setback in the EU’s top court last month. Each of the five U.S. banks except Citigroup awarded more than twice as much variable pay as fixed pay for 2013.