UK partners of Goldman Sachs to cap pay at £1m

About 100 UK-based partners of Goldman Sachs have reportedly decided to limit their 2009 pay and bon

Other Goldman Sachs bankers in the country working below the partner level will be free to earn more than £1m each. About 60 percent of their pay over this level will be paid in deferred stock, in tune with the guidelines of Financial Services Authority, the UK watchdog.

Goldman Sachs is going to inform its staff about the scale of their individual pay packets in the next few days, based on the bank's impressive performance in 2009. The bank employs over 5,000 people in London.

The outlandish pay packets of bankers have recently been the target of public outrage. Britain has imposed a one-off 50 per cent windfall tax on bonuses above £25,000, which is expected to yield about £550m in revenue to the Government.