Investment bank to share out billions of dollars to US staff

Bankers at Goldman Sachs are expecting record Christmas bonuses this year.

The investment bank has saved up more than $11bn (£6.4bn) to share among its 22,000 US employees. Even junior first-year banking associates can expect at least $70,000 (£41,000) in their Christmas pay packets.

The firm's 250 managing directors will collectively receive up to $2.6m (£1.5m) as a reward for all their hard work.

Bankers in the City are also expected to receive generous bonuses. The Options Group executive search firm have predicted London-based bankers could earn as much as 20% more than their US counterparts.

Goldman Sachs made a profit of more than $5bn (£2.9bn) this year.