![]() In each case mentioned by Bloomberg, there were explicit terms which were upheld," a spokesperson for the bank said. "Equity awards are governed by the agreement signed by the recipient. Both had left the Wall Street bank last year. The bank is looking at confiscating vested stock - usually reserved for cases of misconduct - of executives Omer Ismail and David Stark, the report said. © 2023 NYP Holdings, Inc.(Reuters) -Goldman Sachs Group Inc is exploring measures such as seizing vested pay to dissuade top bankers from leaving, Bloomberg News reported on Wednesday, citing people familiar with the matter. Under his stewardship, Goldman has tried to cope with the dire talent shortage by offering higher bonuses to rank-and-file associates. Solomon took over as CEO from the retiring Lloyd Blankfein in 2019. Jason Mathews, one of the few black men who worked as a senior executive at Goldman, and Ram Sundaram, a trading executive, also departed. She left to take an executive position at BlackRock. Stephanie Smith was consumer wealth management partner at the bank and one of just five black women partners. Goldman has tried to stem the talent drain by offering associates higher bonuses. “In each case mentioned by Bloomberg, there were explicit terms which were upheld.”Īn unusually large number of top executives have left Goldman since the onset of the pandemic in early 2020. “Equity awards are governed by the agreement signed by the recipient,” a Goldman spokesperson told The Post. But the aforementioned former executives reportedly moved on to companies that would be considered clients of Goldman rather than competitors. Normally, banks enforce the agreements to the letter if highly prized executives defect to a rival company. Goldman is enforcing tougher noncompetitive clauses in exit agreements as it has watched high-profile executives leave for other jobs during the COVID-19 pandemic. Since the onset of the coronavirus pandemic, Goldman has seen an exodus of top-flight talent. Gregg Lemkau and Eric Lane, who headed divisions within Goldman before moving on to other companies, had unvested stock options worth millions taken away after their departures, according to the report. To add insult to injury, Ismail and Stark have been banned from all company-run alumni events. Ismail and the deputy, David Stark, were denied in their attempt to cash out stock bonuses that had vested and were subject to taxation dating back five years, according to the report. It is not something that is routinely done to executives who are headed out the door. Taking away vested stock is normally a last-resort action against someone who is accused of misconduct. When one of the company’s young stars, 42-year-old Omer Ismail, left with one of his deputies to run a Walmart-backed startup, Goldman CEO David Solomon was so angry that the bank considered confiscating the pair’s vested stock options, according to Bloomberg. Goldman Sachs wants to claw back bonuses from executives who leave the investment banking giant as it scrambles to stem a tide of high-profile departures, according to a new report. Tom Montag’s return to Goldman a ‘big slap in the face’ to staff: insiders ![]() ![]() Goldman Sachs reportedly looking to exit credit card deal with Apple JPMorgan’s Jamie Dimon says he ‘would worry’ about another Donald Trump presidency Goldman has been quietly warning Wall Street that its profits are tanking: report ![]()
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