The total bonuses and pay for 2009 of bank Goldman Sachs' top 100 partners in the UK will be capped at £1 million.
Last month UK chancellor Alistair Darling introduced a one-off 50 per cent levy on bankers' bonuses of over £25,000, which is a contributing factor in the Wall Street bank's decision to cap its employees' pay.
Goldman Sachs finance director David Viniar has commented on the government's request for banks to adjust the amount they pay their staff.
"We're not blind to the pain and suffering still going on around the world and we're not deaf to the calls for restraint. We heard them," he said.
However, while partners in London will feel the effects of the £1 million cap, top traders and bankers may still receive multi-million pound rewards as long as they are not partners.
The company has revealed that its share of revenues paid out in salary and benefits last year was 35.8 per cent, which is the lowest it has paid as a public company.
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