Nearly a month after Goldman Sachs told its bankers what their bonus would be for last year, the actual dollars and cents (and stock and stock options) hit employee accounts this morning.
In years past, this was a very special day in New York City. Top end restuarants would be full, downpayments on condos would be made, champagne corks popped.
This year’s effect will be far more muted. Several top executives have forgone bonuses all together. Cash compensation of partners was capped at $400,000. By far the larger part of the bonuses for the top ranks came in this morning as stock and stock options. Large portions of the year end bonus come in the form of deferred compensation.
Farther down the ranks, however, bonus numbers are not really that diminished. Analysts and associates did well this year, thanks in part to layoffs of 10% of their colleagues. Junior employees get their bonuses in cash, rather than risky Goldman stock. So feel free to tell that girl from Goldman who is at the bar that the drinks are on her tonight. She’s got the cash.
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