Goldman Sachs has presented its top London employees with millions of pounds of free shares after their pay was to be capped, according to Reuters on Saturday, which cited a report by Britain’s Sky Television.
Sky’s financial editor Mark Kleinman said that anonymous sources close to Goldman said that the action had been taken after discussion with the Financial Services Authority, Britain’s regulatory body.
Kleinman said in the report, “My understanding is that Goldman felt compelled to hand out the free shares in order to retain key staff, with several London-based partners of the bank having left earlier this year after seeing their compensation capped at 1 million pounds."