Goldman investment Banking
- Number of dealmakers passed over for rewards is said to grow
- On Wall Street, getting ‘blanked’ is often a signal to quit
Goldman Sachs typically places staff into one of five performance tiers, known as quintiles, during its annual performance reviews. Members of the lowest quintile, the bottom 20 percent, missed a bonus this year - though most were spared, the people said.
Management determined it needed to reward top performers, and took bonuses away from less productive workers to control overall compensation costs, two people said. The bank’s compensation ratio, which compares pay to revenue, rose to 38.1 percent for 2016 from 37.5 percent in the prior year.
A spokesman for the company declined to comment on bonuses.
The bank’s dealmakers, led by John Waldron and Richard Gnodde, had a mixed year. The New York-based firm remained the No. 1 global merger adviser in 2016, even as investment-banking revenue tumbled 11 percent to $6.27 billion. That was a sharper drop than at some rivals. At JPMorgan Chase & Co. it slipped 6.7 percent.
Goldman Sachs also denied bonuses to some employees in the securities division, run by Isabelle Ealet, Pablo Salame and Ashok Varadhan, though the number affected was more in line with previous years, one of the people said. The fixed-income business in that unit has already seen broad job cuts, and client activity there improved in the second half of the year.
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