SUBSCRIBE: Free email newsletter

Human Resources

Toggle

Article

Box of doughnuts, hr

Doughnut bonuses for 100 Goldman Sachs bankers

Human Resources magazine and the HR Bulletin daily email newsletter:
Asia's only regional HR print and digital media brand.
Register for your FREE subscription now »

Around 100 Goldman Sachs employees did not receive any bonus for 2016. The move is considered a harsh one, as usually even the lowest performers receive something.

The 100 bankers who missed out on their annual bonus were among the bottom 20% of performers per their annual review, Bloomberg reports. At certain profitable firms in the industry, being denied a bonus – also known as “getting a doughnut” – is seen as a sign you’re no longer wanted.

Sources with knowledge of the matter told Bloomberg the doughnut bonuses act as a message to a bigger crowd of underperformers that they’d be better off elsewhere.

They added that bonuses were taken away from less productive employees in order to be able to reward top performers while keeping the overall compensation costs in check.

For many bankers and traders, not receiving an annual bonus can have a big impact on people’s finances, since it eliminates what’s typically a major component of their pay.

ALSO READ: 40% would change jobs over year-end bonus

Photo / iStock

Human Resources magazine and the HR Bulletin daily email newsletter:
Asia's only regional HR print and digital media brand.
Register for your FREE subscription now »

Read More News

in Global by

Have you hired a fraudster?

70% of white-collar crimes in Singapore are conducted by trusted employees who are between the ages of 36-45 and hold executive ma..

Trending

Leave a Reply

You must be logged in to post a comment.