Goldman Sachs bankers pay slashed

Many partners at Goldman Sachs Group, can expect to see their 2011 pay cut at least in half from 2010, the Wall Street Journal reported, citing
people familiar with the situation.

Some employees in Goldman Sachs' fixed-income trading business will see their pay shrink by 60%, with some workers not getting a bonus, the
report said.

For the typical Goldman partner, pay for 2011, including base salary and bonus, is likely to range from $3 million to $6.5 million, compared to at least twice that much in better years, the report said, citing sources.

As the largest U.S. investment bank with the highest compensation rate among its peers, Goldman is often held up by critics as a sign of Wall Street excess. Morgan Stanley is expected to shrink bonuses for some of its investment bankers and traders by 30% to 40% from 2010, the Journal report also said.