BUSINESS
11/12/2013 09:53 am ET Updated Jan 23, 2014

Goldman Sach's Big Bonuses Counteract Pay Cuts, CEO Says

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NEW YORK, Nov 12 (Reuters) - Goldman Sachs Group Inc can cut pay dramatically and maintain staff when times are tough because it pays so well in good times, Chief Executive Lloyd Blankfein said on Tuesday.

"Our people know the contract goes both ways," Blankfein said at a Bank of America-Merrill Lynch financial services conference in New York.

The bank has moved more of its staff to low-cost locations like Bangalore, India; Salt Lake City and Dallas, where 25 percent of its staffers are now located, compared with 10 percent in 2007.

Blankfein also said that Wall Street's relationship with regulators and lawmakers has improved dramatically over the past five years. Rulemakers have been "quite receptive" to the industry's comments about upcoming laws such as the Volcker rule, he said.

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