Goldman’s Sachs’ 100 UK-based partners are capping their pay and bonuses for 2009 at £1m each.

For many of them, this represents a significant sacrifice. I am told that in aggregate they are giving up pay worth several hundred million pounds.

They are doing it, according to one executive, because they wanted to be seen to be exercising the restraint on remuneration which the Chancellor of the Exchequer has urged on all bankers. Robert Peston, The BBC.

Most of us won’t earn a million in our lifetime – and how much do they normally earn? And come to that what’s going to happen to that money? I wouldn’t be surprised to find out they’ve saving it for 2010’s pay.

That said, many executives ranked below partner will be earning much more than £1m each. Goldman did not feel it could insist they take a pay cut, because that might have damaged its ability to recruit and retain more able bankers. Robert Peston, The BBC.

So most of the greedy bastards will still be stashing away millions of pounds.