Goldman Sachs stiffing IT people with 15% bonuses instead of the usual 75%

[w¡n9Nµ7 §£@¥€r 123]

With all the hype recently about Goldman Sachs being the only major investment bank to avoid being stung in last year's subprime mortgage fiasco and the record profits it rung up last year - with the record $67.9 million bonus it paid to CEO Lloyd Blankfein - one would expect that bonus season at 85 Broad Street would be a happy time.

...

So we were as surprised as anyone last week when we heard the whispers that some cost center employees - the back office operations, IT folks and such - at Goldman were getting stiffed.

"I've been hearing it from inside that bonuses for cost center workers were crushed," said one source. "People that expected 75 percent of their salary as a bonus, based on what they got last year, only got 15 percent his year."

Most were expecting at least the same size bonus as last year.

Those at the top were certainly taken care of.

Co-Presidents Gary Cohn, 47, and Jon Winkelried, 48, each received bonuses of about $40.5 million, up 58 percent from last year.

http://www.nypost.com/seven/01062008/busin...790643.htm?dlbk

[almaty 19]

15% is still better than a thump on the nuts

Edited January 7, 2008 by almaty

[w¡n9Nµ7 §£@¥€r 123]

155 is still better than a thump on the nuts

The thing you gotta understand is, GS works them like dogs. The reason people do it is because of the promise of being very well rewarded at the end of the year.

For a 15% bonus these guys could have spent their year at a firm in suburban NJ (where I am), working about 50 hours a week instead of close to 100, actually spending time with their families and friends.

They got stiffed.

[Ban Hammer 13,360]

15% is still better than a thump on the nuts

around here the bonus is "buy wal-mart stock"

[no name 1]

155 is still better than a thump on the nuts

The thing you gotta understand is, GS works them like dogs. The reason people do it is because of the promise of being very well rewarded at the end of the year.

For a 15% bonus these guys could have spent their year at a firm in suburban NJ (where I am), working about 50 hours a week instead of close to 100, actually spending time with their families and friends.

They got stiffed.

People want to live in NJ?

[almaty 19]

155 is still better than a thump on the nuts

The thing you gotta understand is, GS works them like dogs. The reason people do it is because of the promise of being very well rewarded at the end of the year.

For a 15% bonus these guys could have spent their year at a firm in suburban NJ (where I am), working about 50 hours a week instead of close to 100, actually spending time with their families and friends.

They got stiffed.

whoa, kind of like another company i was eap with..if you did not work 60 hours a week and allot of week-ends..you were gone..but the rewards in $$$ made it worthwhile for the short run

[w¡n9Nµ7 §£@¥€r 123]

155 is still better than a thump on the nuts

The thing you gotta understand is, GS works them like dogs. The reason people do it is because of the promise of being very well rewarded at the end of the year.

For a 15% bonus these guys could have spent their year at a firm in suburban NJ (where I am), working about 50 hours a week instead of close to 100, actually spending time with their families and friends.

They got stiffed.

People want to live in NJ?

Lots of them already do. You've seen the crowds on NJ Transit at Penn station, you know that. They took the monster commute into the city for the $$ and now they're getting srewed.

[no name 1]

155 is still better than a thump on the nuts

The thing you gotta understand is, GS works them like dogs. The reason people do it is because of the promise of being very well rewarded at the end of the year.

For a 15% bonus these guys could have spent their year at a firm in suburban NJ (where I am), working about 50 hours a week instead of close to 100, actually spending time with their families and friends.

They got stiffed.

People want to live in NJ?

Lots of them already do. You've seen the crowds on NJ Transit at Penn station, you know that. They took the monster commute into the city for the $$ and now they're getting srewed.

I know, I'm teasing!

[Jenn! 918]

With all the hype recently about Goldman Sachs being the only major investment bank to avoid being stung in last year's subprime mortgage fiasco and the record profits it rung up last year - with the record $67.9 million bonus it paid to CEO Lloyd Blankfein - one would expect that bonus season at 85 Broad Street would be a happy time.

...

So we were as surprised as anyone last week when we heard the whispers that some cost center employees - the back office operations, IT folks and such - at Goldman were getting stiffed.

"I've been hearing it from inside that bonuses for cost center workers were crushed," said one source. "People that expected 75 percent of their salary as a bonus, based on what they got last year, only got 15 percent his year."

Most were expecting at least the same size bonus as last year.

Those at the top were certainly taken care of.

Co-Presidents Gary Cohn, 47, and Jon Winkelried, 48, each received bonuses of about $40.5 million, up 58 percent from last year.

http://www.nypost.com/seven/01062008/busin...790643.htm?dlbk

That's so wrong. Why can things like this continue to happen?

[mawilson 2,133]

155 is still better than a thump on the nuts

The thing you gotta understand is, GS works them like dogs. The reason people do it is because of the promise of being very well rewarded at the end of the year.

For a 15% bonus these guys could have spent their year at a firm in suburban NJ (where I am), working about 50 hours a week instead of close to 100, actually spending time with their families and friends.

They got stiffed.

75% of their salary as a bonus????

So if their salary is, say, $100-120k, they expect another $75-80k on top of that???

[w¡n9Nµ7 §£@¥€r 123]

155 is still better than a thump on the nuts

The thing you gotta understand is, GS works them like dogs. The reason people do it is because of the promise of being very well rewarded at the end of the year.

For a 15% bonus these guys could have spent their year at a firm in suburban NJ (where I am), working about 50 hours a week instead of close to 100, actually spending time with their families and friends.

They got stiffed.

75% of their salary as a bonus????

So if their salary is, say, $100-120k, they expect another $75-80k on top of that???

Yeah. GS did that the last few years. How else do you explain the armies of geeks who would get on trains at Princeton Junction and go alllll the way to Manhattan just to do the same work they could do in any firm in Middlesex/Somerset/Mercer counties? They did it for the money.