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Goldman Sachs employees agonize over wage cuts
seasnake
Registered User
User ID: 67904
01-17-2013 08:33 AM

Posts: 11,113



Post: #1
Goldman Sachs employees agonize over wage cuts
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"Reuters) - Top executives at Goldman Sachs (GS) have been considering deep cuts to staffing levels and pay for at least two years, but feared too many layoffs would leave the firm unprepared for an eventual pickup in business, people familiar with the bank said.

They instead chipped away at staff levels and focused on non-personnel expenses that are less painful to cut.

But investors pressured the bank to cut costs further, the sources said, and on Wednesday, Goldman gave in.

The largest standalone investment bank said in the fourth quarter it cut the percentage of revenues it pays to employees in half to 21 percent. That brings the ratio for the entire year to its second-lowest level since the bank went public in 1999."

http://finance.yahoo.com/news/goldman-ag...5.html?l=1

"Staff reductions have targeted big earners, including dozens of partners, who have left since the start of 2011. Sources inside the bank expect that exodus to continue this year as Goldman makes way for younger employees to move up the ladder.

Analysts say that strategy is common.

"The polite way to characterize it is a ‘generational change' - where you promote the young guys and you don't pay them," said Hintz."
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LoP Guest
lop guest
User ID: 98922
01-17-2013 09:12 AM

 



Post: #2
Goldman Sachs employees agonize over wage cuts
LOL, chase away those capable of finding a better opportunity elsewhere, leaving behind those that have fewer options because they are not so capable. Brilliant plan. chuckle
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