BN 06/18 21:26 Ex-Goldman Trader Salem Says Bonus Unfairly Cut to $8.25 Million
Ex-Goldman Trader Salem Says Bonus Unfairly Cut to $8.25m
2014-06-19 02:47:21.715 GMT
By Michael J. Moore
June 18 (Bloomberg) -- Deeb Salem, a former Goldman Sachs
Group trader who said he helped the bank earn >$7b, wants to be
paid the almost $5m difference between his 2010 bonus and what
he told his mother to expect.
* Salem said in an arbitration hearing that he was led to
believe that his 2010 bonus would be $13m, down from $15m
award for 2009 when he was paid more than CEO Lloyd C.
Blankfein
* Salem said bonus was unfairly docked because of a written
warning he received about his 2007 self-evaluation
* Salem, 35, said $8.25m bonus for 2010 didn’t reflect his
contributions, while Goldman argued he was aware the firm
could pay him whatever it wished and that co. considered his
conduct in determining compensation
Story
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--With assistance from Max Abelson in New York and Chris
Dolmetsch in New York State Supreme Court in Manhattan.
To contact the reporter on this story:
Jan Dahinten in Singapore at +65-6212-1164 or
jdahinten@bloomberg.net
To contact the editors responsible for this story:
Jan Dahinten at +65-6212-1164 or
jdahinten@bloomberg.net
2014-06-19 02:47:21.715 GMT
By Michael J. Moore
June 18 (Bloomberg) -- Deeb Salem, a former Goldman Sachs
Group trader who said he helped the bank earn >$7b, wants to be
paid the almost $5m difference between his 2010 bonus and what
he told his mother to expect.
* Salem said in an arbitration hearing that he was led to
believe that his 2010 bonus would be $13m, down from $15m
award for 2009 when he was paid more than CEO Lloyd C.
Blankfein
* Salem said bonus was unfairly docked because of a written
warning he received about his 2007 self-evaluation
* Salem, 35, said $8.25m bonus for 2010 didn’t reflect his
contributions, while Goldman argued he was aware the firm
could pay him whatever it wished and that co. considered his
conduct in determining compensation
Story
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
--With assistance from Max Abelson in New York and Chris
Dolmetsch in New York State Supreme Court in Manhattan.
To contact the reporter on this story:
Jan Dahinten in Singapore at +65-6212-1164 or
jdahinten@bloomberg.net
To contact the editors responsible for this story:
Jan Dahinten at +65-6212-1164 or
jdahinten@bloomberg.net