Goldman Sachs Group, Inc. (NYSE: GS) revealed Tuesday that it would not delay the bonus payments to its Britain staff. This latest announcement is a clear retreat from its earlier decision, which was expected to help investment bankers and other highly paid employees take advantage of the country’s lower income tax rate.
U.K. lawmakers criticized the bank’s earlier decision to delay the bonuses later than usual. On April 6, the top tax rate is expected to come down to 45 percent, from 50 percent. Goldman Sachs’ compensation committee decided, in a meeting on Tuesday, to scrap the plan of delaying the bonuses. The investment banker generally announces the annual bonuses to its staff shortly after reporting fourth-quarter earnings (due this Wednesday).