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Old 04-15-2019, 04:35 PM
 
1,853 posts, read 494,360 times
Reputation: 2569

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https://www.cnbc.com/2019/04/15/gold...nue-drops.html
https://www.reuters.com/article/us-g...-idUSKCN1RR145

Not going to be a popular CEO. Is this one of your first acts to cut comp as soon as things go South?

Not the best way to retain talent. Or do they care anyway since they are looking to automate which makes no sense - 90% of their jobs require critical out of the box thinking which AI cannot fill.

GS sets the bar when it comes to pay in Investment banking and increasingly other Financial services. Again, is this how you attract key young smart talent to "Big" Fintech???

Snubbing Blockchain and cutting bonuses/pay in the same breath, we all know Mr. Solomon is not smoking Mary Jane it's gotta be something else...

Also these dumb a** shareholders keep bringing up comp as the first thing to cut. Why not just try to run your entire business on algorithms and see how far that gets you. So tired of this bullsh** - People who know nothing about business and operations calling the shots

Also please don't say they do this every year. This year is different for GS. They just launched Marcus and now Apple Credit Card. They can't afford to lose talent at this stage. It is unclear whether incentive pay of those in Marcus and Apple projects have been cut. But I am aware that the attrition post-Marcus launch was A LOT and who knows if they've backfilled that talent or not.

Either way, you should not be reducing incentives in your core revenue group when you're expanding into unchartered territory. That is just silly.

F100's are running out of room to diversify, devaluing human talent which means more unemployment, less discretionary income and ultimately less consumers for the services and products they are offering. Why can't these bumbling buffoons understand that? Without a large population of affluent consumers you don't make any money. Am I missing something here or should I just shut up and drink more kool-aid like everyone else?

Last edited by Tencent; 04-15-2019 at 04:48 PM..
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Old 04-15-2019, 06:07 PM
 
4,519 posts, read 2,467,855 times
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Those guys are making $250k+ bonus; pardon me if I shed 0 tears.
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Old 04-15-2019, 06:13 PM
 
2,426 posts, read 912,111 times
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transition to AI.
pay once, cry once.
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Old Yesterday, 02:26 AM
 
1,853 posts, read 494,360 times
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Quote:
Originally Posted by SWFL_Native View Post
Those guys are making $250k+ bonus; pardon me if I shed 0 tears.
At the Senior level maybe. Junior Analysts can start as low as 65-75k.

And remember that is 250k in NYC...not Ohio
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Old Yesterday, 05:22 AM
 
Location: Boston
6,843 posts, read 1,995,631 times
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if you don't meet revenue goals compensation will be cut, that's the way the real world works. Why is the even a news story?
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Old Yesterday, 06:01 AM
 
1,853 posts, read 494,360 times
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Quote:
Originally Posted by skeddy View Post
if you don't meet revenue goals compensation will be cut, that's the way the real world works. Why is the even a news story?
Obviously you have never held these types of roles otherwise you would understand this knee jerk reaction is ludicrous....

20% cut for ONE QUARTER loss which was largely due to changing market conditions? Use your head...
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Old Yesterday, 09:16 AM
 
18,443 posts, read 13,181,841 times
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Quote:
Originally Posted by Tencent View Post
Obviously you have never held these types of roles otherwise you would understand this knee jerk reaction is ludicrous....

20% cut for ONE QUARTER loss which was largely due to changing market conditions? Use your head...

One bad quarter is enough to get your bonus hammered in this business. Are you in the business?
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Old Yesterday, 10:38 AM
 
4,519 posts, read 2,467,855 times
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Quote:
Originally Posted by Tencent View Post
At the Senior level maybe. Junior Analysts can start as low as 65-75k.

And remember that is 250k in NYC...not Ohio
Still my heart is not going out..
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Old Yesterday, 11:17 AM
 
1,853 posts, read 494,360 times
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Quote:
Originally Posted by Lowexpectations View Post
One bad quarter is enough to get your bonus hammered in this business. Are you in the business?
Just because it's common place does not mean the practice is correct or effective. IB average career is 5-7 years before leaving the industry completely. Every wonder why? Well this practice demonstrates exactly why.

How do people here chant STEM all day long then say sour grapes when STEM pay is reduced
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Old Yesterday, 11:46 AM
 
18,443 posts, read 13,181,841 times
Reputation: 13805
Quote:
Originally Posted by Tencent View Post
Just because it's common place does not mean the practice is correct or effective. IB average career is 5-7 years before leaving the industry completely. Every wonder why? Well this practice demonstrates exactly why.

How do people here chant STEM all day long then say sour grapes when STEM pay is reduced

Why do you believe itís not the correct practice? IB are paid largely for performance. The 5-7 year career is most likely one of couple of things, long hours, itís hard to be success or if you are successful you can make a crap ton in a short period of time and move on

Are you in the business?
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