Goldman Sachs offers retention bonuses to top executives, a year after their pay was cut
A year after Goldman Sachs cut the compensation of its top bosses over a corruption scandal, the company is now offering them multimillion-dollar retention bonuses to stay on board. Goldman Sachs said in a filing on Friday that the bank’s chief executive David M Solomon will be awarded $30 million at the end of five years if Goldman reaches its stock price targets. The bank’s president and chief operating officer John E Waldron is eligible for a $20 million bonus under the same terms.
The payouts are handed out to ensure leadership continuity as the firm seeks to grow while competition for talent increases. A year ago, GS had announced that it would cut back $174 million in total pay from past and present executives including David M. Solomon after the bank admitted criminal wrongdoing by its Malaysian subsidiary. In 2020, Mr. Solomon’s pay was cut to $17.5 million from $27.5 million in 2019. Meanwhile, Mr. Waldron’s pay fell from $24.5 million to $18.5 million. While neither of the two was involved in or aware of the illicit activity, the company considered it an institutional failure.
Source: The New York Times
Category
Sexualy Harassment
Wellness Benefits
Health Care Benefits
Performance Management
Inclusion, Equity & Diversity
Open Enrollment
Job Descriptions
Employment Offers
Disability Benefits
Raise
Vendors & Software
Workplace Security
Records & Reports
Teamwork
Fiduciary Duty
Retention
Sexual Orientation
Workplace Wellness
Organizational Structure
Guides
Overtime Eligibility &
Employee Engagement
Affirmative Action
Consultation
Employee Conduct
Whistleblowing
Workplace Culture
Closing
Drug & Alcohol Testing
Job Applications &
Hiring & Firing
Electronic Records Management
Downsizing
Educational Assistance
Investigations
Employee Surveys
Compensation & Benefits
Substance Abuse
Networking
Hiring
HR Careers
Retirement Benefits
Onboarding
Policies & Practices
Employee Data Privacy
Employee Handbooks
Organization & Employee Development
Overtime Pay
Employment Testing
Mentoring & Coaching
Tags
Article
This Thanksgiving - Give Thanks To All These People
This Thanksgiving is going to be different, no doubt! But it need not be different in a negative se ...
These Companies Are On Holiday Hiring Spree-Are You Ready?
The current unemployment rate in the US stands at 6.7%, which is almost double the rate in February ...
A Quick Look at The Great Resignation
The Great Resignation, as experts call it, is a rather fitting term for a phenomenon where millions ...
COVID-19 - 6 Challenges Staffing Firms Are Likely to Face
Most industries have severely suffered in the ongoing pandemic with a few exceptions, like healthca ...
Comments