![]() Representatives for Lemkau, Lane, Ismail and Stark declined to comment. "In each case mentioned by Bloomberg, there were explicit terms which were upheld." "Equity awards are governed by the agreement signed by the recipient," said Patrick Scanlan, a spokesman for Goldman. They asked not to be identified discussing private personnel matters. This look at Goldman's handling of recent departures is based on conversations with eight people familiar with the bank's decisions. Goldman is willing to make it very costly for those wanting to jump ship. ![]() But there are also more punitive ways to send a message to senior executives weighing their options. Like other Wall Street leaders, Solomon has been frustrated by the escalating turnover through the pandemic that's forced firms to sweeten rewards for rainmakers to levels not seen since the financial crisis. It's part of a pattern of expanding the list of what counts as a competitor to enforce more restrictive exit agreements. Other surprise measures include pulling unvested compensation from long-time loyalists like former division chiefs Gregg Lemkau and Eric Lane - who left for firms that would be considered clients. It's just one of the ways the bank is playing hardball with those who leave. Omer Ismail and David Solomon Source: Goldman SachsĪs retaliation, Goldman is now exploring the nuclear option of confiscating their vested stock - usually reserved for cases of misconduct, and not wielded against executives taking new jobs.
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