Hard work at Goldman Sachs pays off — especially if you’re a partner.
As Goldman rounds out a record year, partners at the elite bank will get an extra bump in their bonus this year, according to a Bloomberg report.
The one-time bonus will be on top of the typical compensation of a base salary and bonus — and could add millions of dollars extra to each partner’s pay, according to the report. But those close to the bank caution this is a one-time deal — and likely won’t be replicated next year.
The ballooning payouts come as banks like Goldman Sachs and JPMorgan have posted record earnings as the economy comes roaring back to life. At the same time, Wall Street bankers have faced increasingly punishing work weeks — along with a wider range of options as the pandemic continues to upend career expectations.
With a historic tide of mergers, IPOs, spinoffs and other big strategic deals continuing to flow, keeping top performers happy is growing increasingly important.
Bonuses on Wall Street are expected to hit records this year as financial giants like Goldman Sachs and JPMorgan grapple with a dire lack of bankers, even as demand for dealmaking continues to surge.