Shareholders Win with Goldman's Bonus Pool Cuts
The message from Goldman Sachs (GS) is loud and clear: We get it!
Bowing down to pressure from Washington, shareholders and the public who have been outraged at the lofty bonuses that continue to be lavished on Wall Street, despite widespread woes in the rest of America, Goldman slashed its bonus pool in the fourth quarter by $519 million. That brought the total compensation – salary and bonus – for 2009 at $16.19 billion, or 35.8% of revenues.
