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1. The blame game at Goldman Sachs.
You either die a hero or live long enough to see yourself become the villain.
When things were going good, Goldman Sachs' CEO David Solomon could seemingly do no wrong. Last year, thanks to a booming M&A market and a favorable trading environment, life was good at the elite Wall Street bank.
Sure, there were some signs of trouble within Goldman's consumer business, as Insider reported at the time, but who could be bothered worrying about that. Everyone — even the juniors — was making money!
As if all that wasn't bad enough, word has come down that bankers shouldn't get their hopes up about year-end bonuses. And while most banks plan on handing out lighter payouts, Goldman's are shaping up to be considerably smaller compared with last year.
But, considering the amount of external factors at play — rising interest rates and a slumping economy — and the fact that 2021 was such a banner year, I'm sure everyone will take this in stride. After all, their base compensation is far and above what the average American can dream of making. Right?
Some insiders are blaming investment bankers, who enjoyed extra-large payouts in 2021 thanks to a record year in M&A but now aren't being asked to bear the brunt of the lower bonuses despite a lack of deal flow.
However, the true target internally, according to Dakin's and Emmalyse's reporting, is Solomon and his failed push into consumer banking.
As Dakin and Emmalyse point out, the real risk here is defection. Traditionally, the end of bonus season marks the beginning of people-moves season, as folks start considering new gigs. A lower-than-expected bonus only adds fuel to that fire.
We won't have to wait long to see how things shake out. Fourth-quarter and full-year earnings will come in mid-January, followed by an investor day scheduled for the end of February.
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10. Maybe hold off on returning that ugly sweater from your aunt, because it may cost you. Those returns won't be free. These are the major retailers charging.
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