While Goldman Sachs Group Inc. employees may get less compensation than in the past, many cashed in last year for a payday they’ve been awaiting since the depths of the financial crisis. Employees exercised options worth $2.03 billion in 2014. More than 96 percent of the contracts were granted as part of 2008 compensation. Last year marked the first time bankers were able to take advantage of those awards. Goldman Sachs’s stock has more than doubled since it granted 36 million options in December 2008 to give top performers incentive to stay. The bank had been forced to slash compensation costs that year, as a global credit crisis endangered the firm and pushed its shares down 61 percent. [Bloomberg]
Bonus Watch '15: Goldman Sachs > Morgan Stanley > Bank of America
And backing up the rear for bonus across the pond: Société Générale.
Bonus Watch '16: Goldman Sachs Analysts Are Not Pleased
Apparently bonus numbers anywhere in the ballpark of Citi's are enough to make a junior banker wonder about options elsewhere.