Head of GS TMT Retires
The head of GS TMT just recently retired. How much do you think this will affect the group? Man, I wonder how rich this guy must have been...
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I'd estimate roughly 400 million give or take a few hundred.
Probably "take" a few hundred. There's no way he's worth 400.
Also, for a reference point: the head of my group got paid less than the top performing senior MD.
do you know where I can apply for this stint? Can I submit my application online?
Paulson walked away from GS with $.75 BN.
That's why entreprenurialism is for the birds. You get very rich banking, or live comfortably trying.
But how many of those people actually make it to paulson's level? Paulson was COO when he quit.
COO? Paulson was chairman and CEO when he quit.
my mistake, he was CEO. I wonder how much Blankfein would be worth when he quits.
Who reportedly banked $3-4bn THIS YEAR alone!
"That's why entreprenurialism is for the birds. You get very rich banking, or live comfortably trying." Are you kidding me? Banking is for suckers. You should only use it as a stepping stone. The truly rich are on the buyside.
GameTheory - group heads usually have the benefit of guaranteed salary / bonus though. Not to mention, they do a significantly less amount of work / travel than the 'top performing senior MD.'
Yes, I know this. My argument being that just because he's the group head of GS TMT does not warrant the fact that he has accumulated hundreds of millions in wealth.
The top performing MD in my group came from another bulge and got a 3 year guarantee, though (8 figures).
That type of guarantee seems to be pretty common WRT bankers switching firms (why else would they right?). My next comment would be that most group heads were top performing MDs previously and thus usually have accumulated significant wealth (clearly not 400mm though).
400million seems to be a lot. I would assume about, 45-50million tops.
That seems closer to it. At a group like GS TMT, maybe more, but definitely under 100.
There's no way that guy's only worth 45-50 million
he was a PMD. do some research into how much these guys made after gs IPO'ed.
Pardon my ignorance, but I always assumed TMT was GS's PE which is buy-side. Hence my high estimate.
Goldman's PE is housed under PIA. TMT stands for tech, media, telecom - an industry group.
Doesn't the average PMD get like $15mil+ a year?
I'd assume since he was the head of TMT, GS best IB division he'd make more than that (maybe around $20-25mil). If he spent more than 5 years as a PMD, I could easily see him close to $100mil if PMD's really make that much.
http://www.timesonline.co.uk/richlist/person/0,,38363,00.html
He used to be the Global Chairman of TMT, based in London and was one of the highest flying bankers in the 90s and early 2000s.
I heard he is going to be CFO of the NFL. probably quite the pay cut but with his wealth who cares...
Nope, that's a different GS alum: http://www.bloomberg.com/apps/news?pid=20601079&sid=aceLDJjVD0HQ&refer=…
average PMD makes $7m+, not $15. I highly doubt he was worth anything under $75m, I know people that are global co-heads of groups that aren't nearly as profitable and are still worth like $35-40m
He is worth 700+ mil . checkout this article http://seekingalpha.com/article/11605-paulson-s-700-million-reasons-to-accept-the-treasury-secretary-role-gs
"He is worth 700+ mil . checkout this article
http://seekingalpha.com/article/11605-paulson-s-700-million-reasons-to-accept-the-treasury-secretary-role-gs"
I think they were referring to the head of TMT, not Paulson
I was going to ask how much of his total worth is stock, because obviously that takes a toll. What is the pay like for the seniors at most banks? Are bonuses mainly stock and options packages? How much is straight cash?
paulson is worth over $500mm, thats not debatable
He's probably made some good investments over the years. I could imagine him worth over $100m.
Um, the guy going to be the CFO of the NFL is an equity research guy.
Haha, you're right - instead we should have an MBS guy leading the NFL.
depending on where you are. at UBS this year, they are capping cash pay at $750k, so if you get paid $5mm, you are up shits creek. i think for most places its around 40/60 cash/stock when you get to the higher positions, and the stock has different vesting schedules.
Good point Closer121, but if you are at GS, getting paid in stock within the last five years hasn't been a bad thing...
Anyone ever read Confessions of a Wall Street Analyst by Daniel Reingold.... says that Bruce Wasserstein was rumored to have banked $300mm in one year as head of M&A for CS(pretty sure it was CS)
Read it? I worked with the man for three years....
Most of you seem to forget the fact that you pay taxes in this country. So, even if you've banked $15mm over 5, after taxes you net $37.5mm. He's south of $100mm for sure.
I guarantee you the guy isn't paying 50% of his earnings in taxes. The guy can hire good CPA's to probably lower his average tax rate down to 35%.
Also, Goldman, like most companies, probably set up their stock compensation to be nontaxable until excercised or vested. He also probably got paid pretty well before he became head of TMT or a partner MD. That's why I could see him around the $100M mark.
GS TMT just advised BEA in its $8.5B takeover by Oracle, which is actually one of the biggest deals announced so far this year if not the biggest (shows just how bad the mega-LBO market is right now).
So I'd say they're doing ok. :) Goldman is also much more of a team culture so one person leaving probably doesn't have as much of an impact.
just look at thain
Who is the head?
Bump- anybody know is the head of GS TMT that just retired?
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