David Solomon is sharpening the axe again. The Goldman Sachs CEO will slash more than 1,300 jobs as part of the bank’s ongoing review to cull poor performers, the Wall Street Journal reported on Friday Goldman’s cuts will affect between 3% and 4% of Goldman’s 45,000-strong workforce, the Journal added, citing people familiar with the … Read more
US banking regulators are planning to revive a proposal that would require big banks to defer executive compensation and claw back more of their bonuses if losses pile up, the Wall Street Journal reported on Friday. Six agencies, including the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency, are involved in developing … Read more
It’s a tale of two Wall Streets. Hundreds of thousands of junior bankers are cutting back after their bonuses were a bust this year. But the very top of the 1% is living large thanks to the stock market surging and Bitcoin soaring — meaning their inflation-beaten bonuses didn’t affect their wealth. The stock market’s … Read more
The average Wall Street bonus fell slightly last year to $176,500 as the industry added employees and took a “more cautious approach” to compensation, New York state’s comptroller reported Tuesday. The average bonus for employees in New York City’s securities industry was down 2% from $180,000 in 2022. The slight dip came even as Wall … Read more
Goldman Sachs CEO David Solomon isn’t getting ready to fire you in the coming weeks — but he may convince you to show yourself the door. Insiders at the Wall Street giant say employees are on edge at the start of 2024 following a traumatic year that had kicked off with “David’s Demolition Day” — … Read more
