Goldman lobbies UK to relax capital ring-fencing rules

Bloomberg

Goldman Sachs Group Inc. called on the UK to relax capital rules for retail banking introduced in the aftermath of the global financial crisis, the Mail on Sunday reported.
The UK currently requires big banks with deposits of 25 billion pounds ($34 billion) or more to ring-fence the retail operations, meaning the banks can’t use the funds in the riskier investment bank and trading arms.
Goldman has lobbied to raise the threshold to 100 billion pounds before the restrictions kick in, the Mail on Sunday said.
Meanwhile, Goldman is awarding a special bonus to Chief Executive Officer David Solomon just months after docking his pay for the bank’s role in a corruption scandal.
Solomon and his top deputy, John Waldron, stand to gain more than $50 million, based on Goldman’s current share price, if the firm meets certain performance targets.
The board said the plan was put in place to “enhance retention in response to the rapidly increasing war for talent.”