From a regulatory filing made by Goldman Sachs last week, Financial News found the salaries of Lloyd’s henchmen, namely the base pay for its partner managing directors. At $600,000, the paychecks clock in at around three times “what regular managing directors make at Goldman and other comparable banks,” to say nothing of the sizeable year-end bonuses doled out by GS to deserving employees. The bank also included the following in its filing, regarding its employment agreement for what it called “Post-I.P.O. Participating Managing Directors”:
Your annual base salary will be US$600,000. You will also participate in the PCP as described more fully in the PCP document. All monies paid will be subject to applicable deductions. The Firm may in its absolute discretion deliver all or part of any bonus awarded in the form of a non-cash award. The Firm will determine the value of any such non-cash award, the nature of the equity interest and other applicable conditions including vesting conditions, and its decision in this regard will be final. At the Firm’s discretion, your base salary and any other compensation may be quoted and paid to you in another currency.
And in a postscript, detailed the non-cash award as being “illogical, unpredictable, and subject to change based on whatever mood Blankfein happens to be in that day,” including but not limited to 7 Minutes in Heaven with Becky Quick, free copies of Jack Welch’s Winning: The Answers, and foot massages from DealBreaker editor John Carney.”