Wall Street is in the middle of a talent war, so Goldman may want to discourage bankers who are thinking about leaving. But reminding employees that it can control their wealth even after they leave could backfire, writes TheRealLSL:
for consumer deposits and credit cards. Walmart, which is backing Ismail’s venture, is a powerful new entrant.When top bankers leave to join a client, Goldman has tended to take a magnanimous view. A former employee who departed on good terms is more likely to hire the firm in future. In contrast, Solomon appears less concerned about his bank’s relationship with the $380 billion retailer than punishing Ismail.
Wall Street is in the middle of a talent war, so Goldman may want to discourage bankers who are thinking about leaving. But reminding employees that it can control their wealth even after they leave could backfire. For investors, it’s a reminder that Goldman is fighting on more fronts than before. Managing that will take all of Solomon’s judgement.- Goldman Sachs is exploring an option to confiscate stock from two former employees after it had vested, Bloomberg reported on Feb.
- Goldman also pulled unvested stock granted to former rainmakers Gregg Lemkau and Eric Lane, who recently left the firm, Bloomberg reported. - "Equity awards are governed by the agreement signed by the recipient. In each case mentioned by Bloomberg, there were explicit terms which were upheld," a spokesperson for the bank said.Editing by Peter Thal Larsen, Karen Kwok and Sharon LamReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day.
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