Kevin Roose reportsthat Goldman Sachs is kicking all past and current employees who have less than $US1 million in assets out of its private bank.
According to Roose, Goldmanites were allowed to keep their money in the bank’s asset management division no matter how wealthy they were.
That perk is going away for all of those who have less than seven-figures in their account.
According to several ex-employees, Goldman began the transition earlier this year, by requiring employees with less than $US1 million in assets at the firm to pay a $US3,000 annual fee to keep their Goldman accounts open. Later, it sent a letter informing account holders under the limit that they would be forced to move their accounts by the end of 2014. Now callers to the firm’s 800 number for employee financial services are greeted with a message: “Please press 1 if your call is regarding the Fidelity migration.”