Goldman Sachs

Deeb Salem certainly has no shortage of regard for himself. What he does not have is an extra $21 million from his former employer. Read more »

The former Goldman Sachs Asset Management chief’s—and Jim Chanos neighbor’s and beach bum’s—work at Apollo Global Management is done. Read more »

Of course, that money could be redeployed to any politician willing to listen to reason. Surely, someone wants Ken Langone’s vote. And check. Read more »

Another couple of bankers are making their way to a hedge fund. Bloomberg Businessweek has figured out why. Read more »

Goldman Sachs is pioneering a new type of financial innovation: European compensation structures. Goldman has gained approval from U.K. regulators for a complex pay structure, according to people familiar with the matter, putting it ahead of rivals still scrambling to deal with a new European Union bonus cap. U.K.-based staff are being told about the details of this year’s pay structure but the information isn’t public yet…Allowances won’t count toward pension contributions but, crucially, will count as fixed pay in bonus calculations—essentially giving banks a partial way around the bonus cap…Backers of the bonus cap say reducing overall pay levels wasn’t their goal. Instead it was to make sure pay structures didn’t encourage short-term risk-taking, said Arlene McCarthy, a British member of the European Parliament who helped draft the rules. “I don’t give a s— what they’re paid frankly,” she said. [WSJ]

It’s not that Goldman Sachs wouldn’t put Xi Jinping’s kid on the payroll. It’s just that the bank won’t be so painfully obvious about why. Read more »

Goldman Sachs Group Inc has been quietly moving thousands of jobs from pricey places like New York and London to cheaper cities like Salt Lake City in recent years, and executives said on Thursday those efforts are finally starting to show up in the bank’s results…More than 30 people with global responsibilities are now based in the state capital of Utah, including a compliance team headed by Matthew Moore, a managing director who oversees regulatory audits and inquiries. A credit research team of more than 60 people who perform reviews of Goldman’s counterparties is also based in Utah…One former Salt Lake City employee recalled visits from senior executives touring the office that were filled with awkward banter about skiing or the Mormon religion, and an emphasis on how important the office was because of how cheap it is. [Reuters via Lauren LaCapra]