Goldman Sachs bonuses this year: $623,418 per employee!

[Dukkha]

http://www.iht.com/articles/2006/12/13/business/goldman.php

NEW YORK: Money is not supposed to grow on trees. Unless you happen to work at Goldman Sachs.

Scores of Goldman bankers and traders were to find out, starting Wednesday, what their bonuses will be, and chances are that they will be impressive. The bank is paying $16.5 billion in compensation this year, an average of roughly $623,418 per employee.

my company had a record profit year and we got a big whopping $0.00
they seem to want to Chase me out of here

[Jimbo S]

1. If they earned it

all the power to them!

[rug]

7. And what exactly does one do that merits $600,000?

[jmowreader]

8. Oh, maybe $30-40 million...

According to Bloomberg News Service, Goldman Sachs did $3.15 billion in sales in the three months that ended November 24, which was a 93 percent positive comp over the same quarter in 2005.

Incidentally, also according to Bloomberg the figure above isn't their Christmas bonus, it's their total annual compensation.

This is lovely: Goldman's compensation-benefits ratio--the amount they pay their employees compared to the amount the firm earned--is around 43 percent. They're not just burying it all in the backyard.

[rug]

9. And how exactly did Goldman earn $3,000,000,000? What did they do?

[jmowreader]

11. It's an investment bank

That's kinda like saying it's a casino.

[Rabrrrrrr]

2. I liked bonus time when I worked for an investment bank.

I was only a secretary, so I didn't get the gigantic ones, but usually around $10K. It was pretty sweet! Though they gave part of it in stock, part of it went to my 401k, and part to taxes, so out of my almost $10K bonus I took home only about $2000 in cash (but still had, of course, the stock and the 401k kick).

[Dukkha]

5. i would've been perfectly content with that

or a minimal payout. the point is to do something for your employees to show that they're appreciated. instead it usually just "be happy you have a job"

[trof]

3. Are they hiring?

wow

[ceile]

4. I KNOW my sis earned hers,

but it won't be anywhere around $600K! Dang! Maybe I should move to NYC and see if she can hook me up with a job.

[Hosnon]

6. Average? How about median, instead? I'm guessing a few people got about $16.4 billion of that. nt.

[some guy]

10. I'm sure the median is different than the average...

I remembered reading an article that some of the top execs got $25 million each.

I would have to track down the CNBC original story, but the thing I had read is here: link to DU editorials forum

50 top execs @ $25 million per = $1.25 billion (?)

[EnviroBat]

12. Yeah Neo, ya know, I'm being "Chased" away from my job too.

At the end of the month. Now I guess I really am free to what I want, any ole time...

[Herman Munster]

13. they earn every penny

If you had any idea of what the life of an investment banker is like, you realize they sell their souls for the money.

They work 80-120 hours a week for that money.

[mopinko]

14. hoping for a little trickle in my corner of the world.

that whole sector has been awash with money this year. hubby is a techie in a related business. they are giving bonuses, but they don't come out till jan. 15.