No cash bonus for Goldman top executives

Last Updated: Friday, December 4, 2009 - 17:16

London: The global financial services major
Goldman Sachs` top executives are likely to receive their
annual bonus in stock this year rather than cash, according to
a media report.

Goldman Sachs chief executive Lloyd Blankfein is weighing
plans to increase the share of compensation paid in equities
in a move to quell public anger over hefty pay packages given
to employees, the British daily the Financial Times reported
today.

Senior executives, including Blankfein, could be awarded
all annual bonus in company stocks, the FT said, citing people
familiar with Goldman`s thinking, adding many of its 31,700
staff may also receive more of their annual bonus in deferred
stock or options.

The Goldman employees currently receive as much as 75
per cent of their annual bonuses in restricted stocks or
options, the report added.

Goldman`s stunning recovery this year is expected to
restore the pay of many of its bankers and traders to the
pre-crisis levels. During the first nine months of this year,
Goldman performed extremely well and earned USD 12.5 billion.

The report noted that the Goldman managers this week
began the month-long process of setting their employees` pay.

Those numbers would be finalised in January once the bank`s
books close. The company board will vote next month on the
compensation of top executives.

PTI



First Published: Friday, December 4, 2009 - 17:16

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