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
Networking
Employment Law & Compliance
Remote & Hybrid Work
Salary Surveys
Substance Abuse
Family & Medical Leave
Vendors & Software
Organizational &
Analytical Aptitude
Sexual Orientation
Background Checks
Mental Health Benefits
Downsizing
Change Management
Wellness Benefits
Religious Accomodations
Retaliation
Payroll
Flexible Spending Account
Relationship Management
Disability Accomodations
Privacy
Executive Compensation
Workforce Planning
Retirement Benefits
HR Software
Employee Data Privacy
Retirement & Recognitions
Workplace Culture
Organizational Structure
Ethnicity
Technology
Opening
Educational Assistance
Performance Management
Affirmative Action
Employee Handbooks
Workplace Security
Unemployment Benefits
Severance Pay
Mentoring & Coaching
Work Life Integration
Hiring & Firing
Sexualy Harassment
Business Acumen
Benefits
Global Mindset
Employee Relations
Communication
Employee Resource Groups
Tags
Article
7 Signs That Tell You It’s Time to Quit Your Current Job
Last year, about 4,478,000 workers, which is approximately 3% of the workforce in the US (besides t ...
Don’t Fall Prey to These Job Scams
When people are looking frantically for employment, scammers get a chance to exploit their weakness ...
With Remote Working Being the New Norm, How to Hire the Best remote Workers
Before the advent of the COVID-19 pandemic, about 7 million people in the US alone were working rem ...
I-9 Compliance for Remote Employees - A Guide for Companies
More than 50% of the US workforce is working remotely as of now. According to experts, about 25-30% ...
Comments