Wednesday, January 16, 2013

How Goldman Tells Employees Their Bonus Number

From hereisthecity: "Here's something courtesy of Greg Smith's “Why I Left Goldman Sachs”.  'Every employee at the company, high or low, was called into his or her manager's office and, in a ten minute meeting, told the amount of his or her PATC ('per annum total compensation'). The amount combined base salary with bonus; bonus per se was never discussed. You did the math yourself, in your head.  Nevertheless, the meetings were known as bonus meetings, because for everybody above analyst status, the bonus was the Main Event, the big deal.......

"The bonus meetings were much like the firings. People were called into a partner's glassed-walled office, and everyone outside could see exactly hat was happening. The difference with Bonus Day was that the meetings usually proceeded from the most senior people to the most junior….."

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