THE USUAL SUSPECTS

Goldman Sachs alumni have emerged as a new super-elite, groomed to fill top jobs around the globe. But, says Matthew Lynn, the Goldmanification of the world economy has gone too far

Despite the carnage on Wall Street and in the City of London, one financial institution continues to hold its head high. Yes, you’ve guessed it, Goldman Sachs, the Wall Street powerhouse with offices in London’s Fleet Street, remains at the top of its game.

Goldman Sachs bankers and traders will enjoy an almighty bonus bonanza of more than $18bn (£8.7bn, e12.3bn) – almost half the $38bn Wall Street’s top five firms are expected to pay out, according to data compiled by Bloomberg. Staff at Goldman Sachs, which had been presciently off-loading subprime-related debt before the credit crunch and has so far escaped with little damage, were already eligible to share in $16.9bn for the first nine months of the year, compared with $16.4bn for all of 2006.

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