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To help Cohn avoid conflicts of interest on his new position, the bank’s management decided to accelerate transfer of 96,572 shares to Cohn in accordance with an earlier decision to grant him compensation in the form of shares. Goldman is eliminating restrictions on sale of 99,909 shares, which Cohn already owns, but cannot sell. In general, it's $ 45.9 million at the rate of shares at close of trading on Tuesday. Other $ 12.8 million in shares (with restrictions) have been included in Cohn’s salary package on the results of 2016.
Gary Cohn will also receive a pending bonus from previous years in the amount of about $ 220 million.
Conh is selling his stake in Goldman Sachs as the bank's shares are traded near record highs on speculation about Trump's policy, which is expected to be favorable for the bank.
Conh may avoid risks if shares, contrary to expectations, fall in price. A similar case brought advantage to Henry Paulson, who left the bank and sold his shares to take a post in the US Treasury in 2006, just before the global financial crisis.
56-year-old Gary Cohn has worked at Goldman Sachs since 1990. In 2006, he became one of two bank presidents, and then - the sole president. For a long time, he has been considered a heir to Goldman Sachs’ chairman and CEO Lloyd Blankfein.
Cohn resigned from his post as President and Chief Operating Officer of Goldman Sachs last month after taking a deal to become director of the National Economic Council at Trump’s administration.
National Economic Council advises the US president on economic policy. This is a government agency, part of the US administration. The Office was created in 1993 by ex-President Bill Clinton.
Critics of Cohn credit him with an aggressive style of doing business. His vision for finance and business issues is published in prestigious magazines and newspapers.
Conh is just one of those Goldman Sachs’ former heads, who are joining Trump’s administration, including Steven Mnuchin and Steve Bannon.
With the Republican majority in the Senate and House of Representatives, all Trump’s budget proposals are likely to receive more attention and be approved, rather than it happened with proposals of Barack Obama, who has been regularly confronted by Republican lawmakers.
Over the past year, Goldman Sachs announced 84 names of new partners. This number is higher than indicators of the previous partner group two years ago. New provisions, which have affected large corporations, forced Goldman Sachs to expand into new fields, including the consumer market.
Gradually, the company has had to part with a number of renowned partners. In 2016, Michael Sherwood, vice chairman of Goldman Sachs and head of the bank’s European branch, announced his intentions regarding retirement. Earlier on, Mark Schwartz, head of Asia-Pacific department and deputy chairman of Goldman Sachs, announced his intention to retire at the end of the year, after a little less than thirty years of work in the company.
source: bloomberg.com
Gary Cohn will also receive a pending bonus from previous years in the amount of about $ 220 million.
Conh is selling his stake in Goldman Sachs as the bank's shares are traded near record highs on speculation about Trump's policy, which is expected to be favorable for the bank.
Conh may avoid risks if shares, contrary to expectations, fall in price. A similar case brought advantage to Henry Paulson, who left the bank and sold his shares to take a post in the US Treasury in 2006, just before the global financial crisis.
56-year-old Gary Cohn has worked at Goldman Sachs since 1990. In 2006, he became one of two bank presidents, and then - the sole president. For a long time, he has been considered a heir to Goldman Sachs’ chairman and CEO Lloyd Blankfein.
Cohn resigned from his post as President and Chief Operating Officer of Goldman Sachs last month after taking a deal to become director of the National Economic Council at Trump’s administration.
National Economic Council advises the US president on economic policy. This is a government agency, part of the US administration. The Office was created in 1993 by ex-President Bill Clinton.
Critics of Cohn credit him with an aggressive style of doing business. His vision for finance and business issues is published in prestigious magazines and newspapers.
Conh is just one of those Goldman Sachs’ former heads, who are joining Trump’s administration, including Steven Mnuchin and Steve Bannon.
With the Republican majority in the Senate and House of Representatives, all Trump’s budget proposals are likely to receive more attention and be approved, rather than it happened with proposals of Barack Obama, who has been regularly confronted by Republican lawmakers.
Over the past year, Goldman Sachs announced 84 names of new partners. This number is higher than indicators of the previous partner group two years ago. New provisions, which have affected large corporations, forced Goldman Sachs to expand into new fields, including the consumer market.
Gradually, the company has had to part with a number of renowned partners. In 2016, Michael Sherwood, vice chairman of Goldman Sachs and head of the bank’s European branch, announced his intentions regarding retirement. Earlier on, Mark Schwartz, head of Asia-Pacific department and deputy chairman of Goldman Sachs, announced his intention to retire at the end of the year, after a little less than thirty years of work in the company.
source: bloomberg.com
