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
Benefits
Succession Planning
Firing
Salary Surveys
Records & Reports
Mentoring & Coaching
Ethnicity
Organizational Structure
Hiring & Firing
Inclusion, Equity & Diversity
Promotion
Flexible Spending Account
Health Savings Accounts
Termination
Substance Abuse
Employment Offers
Onboarding
Employee Handbooks
Change Management
Workplace Security
Learning & Development
Leadership &
Investigations
Wellness Benefits
Communicable Diseases
Emergency Response
Closing
Compensation & Benefits
Electronic Records Management
Age
Global Mindset
Consultation
Remote & Hybrid Work
Organization & Employee Development
HR Software
Workplace Harassment
Policies & Practices
Gender Identity
Job Descriptions
Artificial Intelligence
Employee Resource Groups
Affirmative Action
Workplance Violence
Severance Pay
Job Applications &
Religion & Spirituality
Bonuses & Incentives
Cybersecurity
Sexualy Harassment
Benefits Compliance
Tags
Article
Tips To Help You Create A Robust Hiring Strategy For 2021
While employment is steadily rising in all sectors, the fear of COVID-19 still reigns supreme. As t ...
Millennials Care About These 8 Things at Their Workplace - Are Your Offering Those?
Millennials are considered to be social people, who live by the ‘work hard play hard’ mantra and ar ...
Gig Economy and Its Impact on Staffing Firms
With over 20.5 million US workers losing their jobs in April 2020 during the national lockdown, man ...
Are 4 day work weeks the future?
Robert Owen, a Welsh textile mill owner, social reformer, and labor activist came up with a slogan ...
Comments