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Lex: Goldman Sachs UK
Goldman Sachs sought to counter the public furore over pay by shrinking the portion of revenue set aside for compensation to its lowest level since the bank went public in 1999 and giving more money to charity. A drop in compensation costs during the final quarter helped lift Goldman's profit above analysts' expectations in spite of a slowdown in the final weeks of 2009. For the year, Goldman earned a record $13.4bn. Now it has capped bonuses for its global banking operations based in the UK. Richard Stovin-Bradford analyses the latest move.