Online BusinessGoldman plans to expand charity programme: report
Financial services major Goldman Sachs plans to expand a programme that would require executive and top managers to give a certain percentage of their earnings to charity, as it tries to soften criticism over bonus issue, says a media report.
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"Goldman Sachs is considering expanding a programme that would require executives and top managers to give certain percentage of their earnings to charity," the "New York Times" has reported.
The report noted that move would be the latest in a series of initiatives by Goldman to soften criticism over the size of its bonuses, which are expected to be among the largest on Wall Street, bringing average pay to about $5,95,000 for each employee — with far higher amounts for top performers.
According to the publication, a programme, "Goldman Sachs Gives" was created in 2007, under which the company"s partners are required to give an undisclosed amount to charity each year.
In October, Goldman said the firm itself would donate $200 million to its charitable foundation, nearly doubling its size, the report noted.
Besides, Goldman was planning to further reduce the portion of revenue dedicated to compensation in the fourth quarter, the daily said.
Goldman set aside $16.7 billion for compensation in the first nine months of 2009, it added.
The compensation at the American banks have become a hot topic, since the US government had infused billions of dollars as bailout money at the height of global financial crisis in 2008, and the firms are trying to remove the public uproar over bonus issues.
Last month, Goldman said it would pay its 30 most senior executives their last year"s bonuses in stocks rather than cash.