Supposedly.
Goldman Sachs is planning to slash bonuses to almost zero amid growing expectations that the Wall Street bank is about to slide into the red for only the second time in its history…Goldman’s senior executives are determined to prove that the bank can continue to generate bigger returns for shareholders, despite the market turmoil. They have made an internal commitment to ensure that no more than 35 per cent to 45 per cent of its revenue is paid to staff — a lower proportion than any other Wall Street bank. The ratio of staff pay to turnover is the key metric used by analysts to determine the efficiency of an investment bank.
Cutting bonuses to the bone is one of the few tools that Goldman can use to keep the ratio under control. It has already cut salaries for its London partners and is also cutting thousands of jobs. However, its third-quarter revenues are expected to have fallen by about half compared with the second quarter, putting the ratio under pressure.
Bruised Goldman slashes bonuses as they slide into red [The Guardian via ZH]
It is truly the end times.
– Guy who hopes the Occupy Wall Street idiots don't hear about this and think they had anything to do with it
We'll see your sliding into the red and raise you a drowning in the red.
- BAC
Thank you #OccupyWallSt for truly making a difference and fighting the corporate bankster powers that be. It's amazing that within a number of days bank stocks have already began to feel the wrath of the 99%. It's an amazing thing to watch.
#OccupyMyButthole
Why don't they just fire compliance, legal counsel, hr and stop all legal and regulatory proceedings against former employees? That should help save some dough.
- Anonymous
Posted from Matt's iphone.
I agree, it is amazing. Now could you guys get out of the way so my motorcade can pull up and take me to my sea plane parked on the East River?
- L Blankfein
Oh please. Go tell one of them that she's gotten through to you and she's special and different. At least then you can stay in her parents' basement when your midtown $3K/month place is too expensive.
Lloyd let me know if you need some more TARP money to pay bonuses this year.
- Henry Paulson
"…when your midtown $3K/month place is too expensive. If it sounds like I know what I'm talking about it's because I do."
fixed that for you.
I might be able to arrange something as well. You know where to reach me.
- B Bernanke
The good news is that you're still 10-15 bucks in the money on those 2008 restricted stock bonus shares!
Your new bonus is the inflated sense of self-esteem, perceived moral superiority, and general feeling of being better, smarter, and faster than anyone else.
I'll see your raise, and call …. dammit, where's the life preserver, I can't tread water and hold chips at the same time!
Inconceivable!
- Guy that looks like LB
Restricted stock =/= Stock Options
What exactly is a bankster? Do they wear trenchcoats and carry tommyguns? Do they have ironically cute knicknames given their penchant for violence and follow perjorative sentences with the interrogative "see?"
How do they afford new Honda Civic's every year if they don't get bonuses? I don't get it.
-UBS Quant M.D.
He forgot to sign it "Arthur Andersen"
Sucks to suck
Chips should be served with beer, or at most white wine, but not red.
-former BSC risk manager
No bonuses is the KNI, I have always just been a little ahead of the curve.
-Ossy G.
I'll emergere unscathed from this.
Fabs
Telling children of parents with multiple degrees to screw you in the butt is the NKI
I like my bonus like I like my women…
Extremely thin and full of hopes and dreams.
-UBS employees in general
I hate things that suck.
Jean-Luc Picard is in charge now.
In Soviet Russia, bonus is you not get cut to bone.
So first years get to work 80 hour weeks for narrowly more than their buddies in consulting? Ouch, ouch, ouch.
Goldman in essence is betting a lot of their people won't go elsewhere, they may not want to go to other places on the sell side but some of them may be able to make more money on the buy side
Yeah, and after that -when everyone realizes FS ROEs are going to flatline at 5% for the next 25 years, you will have to go look for a job in the real world and you will be treated like a mass-murderer with congenital herpes. And that's assuming you are an attractive tall blonde with with and charm.
Damn it feels good to be a bankster
Or even worse, Taibbi.
GAWDAMIT! why couldn't we back a politician who would keep the status quo get me that bearded little GIMP on the phone RIGHT NOW!
Looser Blankfienk
Bankster: any AHOLE sitting in front of a screen clicking a mouse to earn a living. When the Bankster bets wrong they then go crying to their bought off politicians and get welfare for the rich, they are no better than the masses of Maloofs in the Ghetto getting welfare. They are DESTROYING the USA. We who are fighting the Banksters have God, Gold and if the first 2 don't work out, GUNS (plus lots of ammo) for the Banksters/Maloofs who are like LEACHES on the once great society that the USA once was. FIAT currencies are fast dying throughout the world, the king currency is the USD and the people who prepare properly will survive this failed experiment. The Banksters will end up in the same boat as all the Maloofs, sitting on their asses and crying for handouts that will never arrive, this is not what created America, the people of "Flyover" land will survive like thay always have, enjoy what you had, you WRECKED a great system and now CHANGE will come, there is no HOPE left for many of us.
Wrong website, Daily Kos is over that way
No real bankers use the mouse.
No bonuses are definitely going to make it harder to do God's work.
- LB
Yah maaan, you tell your Daddy what you think about him and his bankster job that was more important than your little league games.
So by your first definition, everyone is a "bankerster" seeing as how anyone with a job has to use a computer to perform their job.
FUCK!
-K 2 the Ball
As are HuffPo and RS
The real world sucks fellas! Welcome back!
God I hate those a**hole banksters at google and facebook…Clicking their mouses, and sitting in front of their screens. Jerks.
Do my work bitch!
When does GS start sucking as much as other firms are supposed to?
factually incorrect. You can not front run yourself on buy side.
Yes. Yes it does.
-P. North
^This man knows what he's talking about.
-A to A
You don't have God on your side…only I do!
- Lloyd
The government wishes it could give more TARP money to Goldman. It was the best investment they ever made at over a 30% return in only a few months. And everyone seems to forget that both Goldman and JPMorgan didn't want the money–Paulson forced them to take it so that the others would not feel a "stigma" for doing so: http://www.msnbc.msn.com/id/30750868/ns/business-…
Yld2Cq Thanks so much for the article. Will read on…
r4Xydb Thanks-a-mundo for the blog.Thanks Again. Will read on…