A grim day at Goldman Sachs, where bonuses for the rank and file were announced 80% lower than the year before. And the cash compensation was capped at $400,000, which means no more plunking down on a new condo the very next day. Of course, top brass aren’t getting anything:
FT: Partners at Goldman Sachs are set to see their bonuses fall by up to 80 per cent this year and the cash component of their year-end packages capped at $400,000.
The rest of partners’ compensation packages will be paid half in stock and half in options, which will be priced based on the close of Goldman’s share price on Wednesday.
Goldman will continue its regular practice of deferring a large part of the compensation package to foster retention and loyalty.
Comp Day Comes To Goldman Sachs