Goldman Sachs doesn't plan to be so stingy with pay next year, the firm's CFO, David Vinair, told an investor conference.
Noting that Goldman's top executives, including CEO Lloyd Blankfein, received relatively modest all-stock payouts this year, Viniar said, "People ask me if this is the new normal," then added, "There is no formula. We tried to strike the balance right, and we'll try to strike the balance right this year." Goldman, he said, will pay employees based on a combination of individual performance, the firm's profits and the state of the general economy.
His remarks, made at a Credit Suisse conference in Miami, were reported by The Wall Street Journal.