Goldman Sachs is cutting back on some of the perks it put in place during the pandemic,
The New York Post reports.
Free car service to and from the office, which the investment bank put in place as crime surged in New York and other cities, is no longer.
So is free breakfast. The same for free lunch. The bank is installing cash registers in the cafeteria, a source tells The Post.
However, those who work late will still be able to put a ride home on Goldman's tab. On Wednesday, the bank also increased its dinner meal allowance to $30, up from $25, after some execs said 25 bucks wasn't even enough to buy a Chipotle dinner.
Employees are not just disgruntled about the small perks. They are increasingly expressing their frustrations over
CEO David Solomon's compensation. It totaled $33 million in 2021, up 78% from 2020.
The Wall Street Journal ran an exclusive on Tuesday on how Solomon and other top executives are getting a slice of
Goldman Sachs' private equity profits, which could total hundreds of millions of dollars in the next few years and make their annual compensation packages look like peanuts.
Goldman Sachs shareholders and mid-level management are not pleased at how Solomon and top management are lining their own pockets.
Corporate governance advisor Glass Lewis is telling shareholders to vote against these policies in a nonbinding vote at Goldman's shareholder meeting in two weeks. Institutional Shareholder Services, on the other hand, is advising shareholders to approve the executive compensation plan.
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