Goldman said to hold conference call to discuss scaling back bonuses

Money On Hook

Never a good call.

Goldman Sachs had to write down its loan to the troubled Portuguese bank Banco Espirito Santo in the fourth quarter, cutting the bank's profit and some employees' bonuses, people familiar with the matter told Reuters.

The news agency reports that the writedown came late in the quarter after a December 22 decision by Portugal's central bank that effectively wiped out certain Banco Espirito Santo creditors.

On Christmas Eve, a group of senior Goldman executives held a conference call to discuss the writedown and how it would affect employee bonuses, people familiar with the matter said.

About 15 to 20 people worked on the Banco Espirito Santo deal, but because of the way Goldman structures its bonuses, up to 50 people in the broader group will be affected.

To access the complete Reuters article hit the link below:

Exclusive: Goldman writedown of Portugal loan hurts profit, bonuses

JPMorgan presses managers to cut costs as profits fall

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts