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Message: <blockquote data-quote="GusTsahas" data-source="post: 4128" data-attributes="member: 29">This article appeared in the NY Post.  Good example of why one should try to move from cost center groups (IT, telecom, facilities) to groups associated with revenue producing business units.  The back office bonuses were cut as GS  management don't believe the back office staff can move to other firms at this time with the prevailing market conditions.  GOLDMAN SACK-CLOTH BONUSES  January 6, 2008 -- WITH all the hype recently about Goldman Sachs being the only major investment bank to avoid being stung in last year's subprime mortgage fiasco and the record profits it rung up last year - with the record $67.9 million bonus it paid to CEO Lloyd Blankfein - one would expect that bonus season at 85 Broad Street would be a happy time.   Except for the portfolio manglers at Goldman's imploded Global alpha fund, that is.    After all, didn't the firm set aside $20.2 billion to pay employee wages, benefits and bonuses this year, a 23 percent increase from last year? That comes to about $600,000 per employee, on average.   So we were as surprised as anyone last week when we heard the whispers that some cost center employees - the back office operations, IT folks and such - at Goldman were getting stiffed.   "I've been hearing it from inside that bonuses for cost center workers were crushed," said one source. "People that expected 75 percent of their salary as a bonus, based on what they got last year, only got 15 percent his year." Most were expecting at least the same size bonus as last year.  Those at the top were certainly taken care of.   Co-Presidents Gary Cohn, 47, and Jon Winkelried, 48, each received bonuses of about $40.5 million, up 58 percent from last year.</blockquote>

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