Goldman Sachs is doling out midyear bonuses to around 100 London-based partners in the form of stock compensation, The Wall Street Journal reports.
The move is apparently part of an effort to counter a drain of talent from the investment bank after the U.K. implemented a 50 percent tax on bonuses of more than £25,000 paid between December 2009 and April 2010. Goldman had capped compensation at £1 million “in response to the U.K. government’s demands,” says The Journal.
Employees can’t cash in on their stock bonuses for five years, and Goldman is reserving the right to revoke the bonuses in some circumstances. The bonuses are tied to 2010 performance, but employees may get another bonus at year-end.
mtaylor@observer.com
Twitter: @mtaylor
