Goldman Sachs warns traders of shrinking bonus pool as Wall Street hunkers down
In this article GS Follow your favorite stocks CREATE FREE ACCOUNT David Solomon, chief executive officer of Goldman Sachs, speaks during the Milken Institute Global Conference in Beverly Hills, April 29, 2019. Patrick T. Fallon | Bloomberg | Getty Images Goldman Sachs traders and salespeople will have to contend with a bonus pool that's at least 10% smaller than last year, despite producing more revenue this year, according to people with knowledge of the situation. That's because the New York-based bank is dealing with a slowdown across most of its other businesses, especially investment banking and asset management, areas that have been hit by surging interest rates and falling valuations this year. Goldman began informing executives in its markets division this week to expect a smaller bonus pool for 2022, according to the people, who declined to be identified speaking about compensation matters. The figure will be cut by a "low double-digit percentage," Bloomb...