goldman-sachs-changes-bonus-practices

Goldman Sachs changes bonus practices

The top 30 managers at Goldman Sachs will get their bonuses for 2009 entirely in stock that will be locked up for five years and subject to clawback.

Wall Street investment bank Goldman Sachs last Thursday announced changes to the incentive compensation practices for 2009 for its top 30 managers, paying bonuses entirely in stock which is locked up for five years and tightening clawback provisions.

The bank's 30-person management committee, which includes all of the global divisional and regional heads, will be paid 100% of their bonus in shares. Hong Kong-based Michael Evans, who is vice-chairman of the firm and responsible for Asia, will be among those covered by the new guidelines. Evans was recently named by FinanceAsia as a member of The Club, our inaugural list of 50 masters of Asian finance. Tokyo-based Masanori Mochida, co-president of...

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