Worst to first

It’s now clear that 2008 bonuses have been cut at least in half for those working in investment banking. Outsiders remain aghast that bonuses have been paid at all. But that isn’t the only shocker. In this supposedly most meritocratic of industries, staff at the worst performing institutions have taken the least pain. Just have a quick look round. A partner at Goldman Sachs who earned $2m in 2007 would have made about $500,000 for 2008. It will not have been as harsh for the next layer down, and...