The New York Times: Goldman Top Executives to Take Bonuses in Stock
Goldman Sachs Group Inc. plans to pay top managers their 2009 bonuses in stock, rather than cash, as it seeks to deflect outrage over a near-record pay haul months after it repaid billions of dollars in taxpayer aid.
Other banks are likely to follow Goldman’s lead, said Joe Sorrentino, a compensation consultant with Steven Hall & Partners in New York.
“I think they’re leading the pack here. Based on their prestige in the industry and their size and reputation, I wouldn’t be surprised to see other companies, the Wall Street firms, carry that forward and adopt certain provisions,” Sorrentino said.