Goldman Sachs sets aside $16bn for pay as profits soar

INVESTMENT banking giant Goldman Sachs has set aside a huge $16.7 billion (€11.35bn) this year in pay and bonuses as it revealed a 278% leap in profits.

The group, which employs around 5,500 staff in London, revealed a 46% hike in the compensation and benefits pool for the first nine months of the year.

The bumper rewards news comes after Goldman made net earnings of $3.19bn between July and September, up from $845 million in the third quarter of last year.