Goldman executives could get charitable
By Paritosh Bansal |
January 12, 2010, Tuesday
|
Print Edition
Print Edition
GOLDMAN Sachs Group Inc may expand a program that would require executives to give part of their pay to charity in a bid to cool public anger over compensation, according to the New York Times.
Goldman executives have been weighing the move for months, the paper reported on Sunday.
Under Goldman Sachs Gives, a program created in 2007, the firm's partners are required to give an undisclosed amount to charity each year. Goldman is also planning to reduce the portion of revenue set aside for pay in the fourth quarter, the paper said.
The bank cut the ratio of compensation to revenue to about 43 percent in the third quarter from nearly half in the second. Still, Goldman has set aside nearly US$17 billion in the first three quarters of 2009 for year-end compensation.
Compensation at United States banks has been a hot issue since the government handed them billions of dollars in bailout money, and firms have been looking for ways to defuse public outcry.
Last month, Goldman said it would pay top managers their 2009 bonuses in stock, rather than cash and it has donated US$200 million to the Goldman Sachs Foundation, its charitable arm.
Goldman executives have been weighing the move for months, the paper reported on Sunday.
Under Goldman Sachs Gives, a program created in 2007, the firm's partners are required to give an undisclosed amount to charity each year. Goldman is also planning to reduce the portion of revenue set aside for pay in the fourth quarter, the paper said.
The bank cut the ratio of compensation to revenue to about 43 percent in the third quarter from nearly half in the second. Still, Goldman has set aside nearly US$17 billion in the first three quarters of 2009 for year-end compensation.
Compensation at United States banks has been a hot issue since the government handed them billions of dollars in bailout money, and firms have been looking for ways to defuse public outcry.
Last month, Goldman said it would pay top managers their 2009 bonuses in stock, rather than cash and it has donated US$200 million to the Goldman Sachs Foundation, its charitable arm.
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