Lloyd Blankfein: Goldman Sachs Employees Take Giant Pay Cuts In Stride

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As many of you well know, a time-honored tradition on Wall Street is complaining about the size of one's bonus. It's a ritual that financial services employees look forward to their whole year and occurs not only in bad times but in good. So cherished is the annual bitching o' bonuses that even if one is paid an extremely handsome sum, to find out the guy or girl sitting them received $10 or $20 dollars more is to trigger a response that involves angry typing to a colleague about the injustice and a hissy-fit of impotent rage punctuated with threats of considering options elsewhere. According to Lloyd Blankfein, though, Goldman Sachs employees are different and recognize that if they have to make a little less money here and there, it's for a greater good.

Goldman Sachs Group Inc can cut pay dramatically and maintain staff when times are tough because it pays so well in good times, Chief Executive Lloyd Blankfein said on Tuesday. "Our people know the contract goes both ways," Blankfein said at a Bank of America-Merrill Lynch financial services conference in New York.

Big bonuses in good times help Goldman cut pay in bad times -CEO [Reuters]

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