Stock Groups

Goldman CEO, top deputies to get cut of profits from bank’s private investment funds

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO. David M. Solomon is Chairman and CEO at Goldman Sachs. He spoke during the 22nd Annual Global Conference of Milken Institute in Beverly Hills (California), U.S.A. on April 29 2019. REUTERS/Mike Blake

(Reuters] – Goldman Sachs NYSE: – Chief Executive David Solomon will be joined by his top deputies to receive a share of bank’s private capital funds. This was reported Tuesday by the Wall Street Journal, citing individuals familiar with this matter.

According to the report the profit cut could have a value of hundreds of million of dollars in the future for executives.

The bank used to split the profit from private investments equally with the managers of the funds. This report states that they will now receive 35%.

Goldman’s roughly 400 partners will get 10%, while 5% will go to Solomon and his closest deputies, the Journal reported.

Goldman didn’t immediately respond to the report.

[ad_2]