Goldman float looks certain
Friday 12 June 1998
Despite rumours of a close vote, sources close to the bank said its 193 partners would be "very surprised" if a majority opposed flotation when they vote at a meeting in Rye Brook, near Manhattan.
"There's obviously a fair head of steam building up in favour of doing it," the source said. Partners are believed to be set for windfall payouts of at least $100m each.
Jon Corzine, the managing partner who is rumoured to be in line for a payout worth $800m, will take further soundings today to confirm there is a consensus behind the proposals. A yes vote tomorrow would lead to a further vote when financial details have been finalised.
The bank is known to be keen to appease the so-called "marzipan layer" of senior managers who will be robbed of the chance to become a partner. Their 210 most senior managers are likely to get at least $5m each.
Distribution of the windfall will be staggered. Partners are expected to get an amount that matches their time at the bank. At the London branch, 35 partners will benefit.
Goldman has faced some internal opposition to the idea of floating from partners who believe the bank's success is founded on its unique partnership culture. Six votes have gone against flotation in the past, including one just two years ago.
However, analysts believe New York banks are increasingly keen to expand abroad in the race to become global players. Flotation would make it much easier for Goldman Sachs to expand by acquisition.
- 2 The man who filmed the Freddie Gray video has been arrested at gunpoint
- 3 How the language you speak changes your view of the world
- 4 The top 50 cities for young people to live in
General Election 2015: Fishing is on Nigel Farage's mind as he casts a line to the disaffected of Grimsby
Oxygen-starved 'dead zones' with no marine life up to 100-miles long discovered in the Atlantic Ocean
The man who filmed the Freddie Gray video has been arrested at gunpoint
Indonesia executions: Death row British grandmother Lindsay Sandiford will refuse to wear a blindfold when she faces firing squad
Russian warships accused of 'chasing away' Swedish vessel to prevent Baltic States from achieving energy independence
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: SNP and its activists 'openly racist' towards the English, Farage says
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...
£24000 - £28000 per annum: Recruitment Genius: A Senior SEO Executive is requi...
£16000 - £18000 per annum: Recruitment Genius: An Online customer Service Admi...
£18000 - £22000 per annum: Recruitment Genius: This global, industry leading, ...