Goldman Sachs accelerated delivery of $65m in stock awards to 10 executives, including CEO Lloyd Blankfein, helping them avoid higher tax rates that take effect this year.
Each executive surrendered 45% to 50% of their awards in order to pay taxes, according to the filings. The firm’s stock climbed 41% in 2012, its first annual gain since 2009.
Goldman Sachs, the fifth-biggest U.S. bank by assets, typically delivers executives’ restricted stock during January. The decision to speed up the delivery came as the U.S. Congress debated and ultimately passed a bill that would increase tax rates on capital gains and on individuals who make taxable income of $400,000 or more.
'The December delivery of shares went to a wider group of employees than the named executive officers' who were included in the filings, said Michael DuVally, a spokesman for the New York-based firm. He declined to comment on the reason for the accelerated delivery or on which other employees received stock early.
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