Goldman Sachs employees are finally getting their 2008 payout.
Last year the firm’s employees cashed in on stock options totaling $US2.03 billion, Bloomberg reported.
The options served as incentive to keep top people on board after the financial crisis, as Wall Street banks were forced to cut back on compensation. According to Bloomberg, 96 per cent of options exercised in 2014 were from 2008 pay packages.
Goldman Sachs distributed 36 million options in December 2008, which couldn’t be cashed in until last year. Since then, the company stock has more than doubled.
Current partners, who account for less than two per cent of employees, reaped most of the profit, taking in $US800 million as of August.
Since the financial crisis, compensation has gotten much tighter around Wall Street. Compensation costs have decreased 37 per cent since 2007, from a high of $US20.2 billion to $US12.7 billion in 2014.
Maybe this $US2 billion will help ease the pain.