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Lol I'm not at GS but I imagine Solomon is quickly losing his popularity among the IB juniors. Takes away the dangling carrot for the juniors to come back to office and leaves only the stick, all while boosting his own comp through giving himself a 5% share of GS's merchant banking carry.
Username says it all.
Theres no free lunch on wallstreet
They are sending a subtle message more than anything, I think.
Prestige is not set in stone: it evolves and develops over the years.
Solomon has decided that top talent will join & remain regardless, but at some point bankers will ask themselves just how important prestige is for them.
There’s more too. The next week they announced no more rolling over of vacation days, but granted everyone additional 2 days vacation per year. Boned everyone as many people now taking insane vacations this year.
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