Goldman Sachs may award sizable portions of annual bonuses in stock

Goldman Sachs has continued, and in some areas increased, the use of equity awards as a meaningful portion of annual variable compensation, RTTNews reported, a shift that can change how staff are paid, taxed and retained. The commentary added that “in certain roles employees historically received up to 75% of their annual bonus in restricted stock,” a level that would substantially tilt total pay toward deferred, company-held equity.

That historic figure sits beside narrower, employee-reported snapshots on industry forums. Wallstreetoasis posts from February 2026 include one associate saying “Finished first full year as an associate (entered in 2023). IB coverage Bonus: $135k Base bumped up to $200k,” and another post listing “Base: $200K (increased to $225K) Bonus: $140K (I estimate this is top of middle bucket) Stock / Cash Split: 15% / 85%.” Those first-person reports reflect individual experiences rather than a firmwide schedule, but they illustrate how stock-versus-cash mixes can vary by role and seniority.

The move toward equity awards arrives amid governance and shareholder scrutiny. A LinkedIn excerpt notes that “Analyst Mike Mayo warns that regular employees may feel excluded,” and that “Two advisory groups urge investors to vote against the plan, calling it excessive.” The same excerpt says “The proposal will be decided at Goldman’s annual meeting in Dallas, though the vote is \ on-binding\\.” Shareholder pushback and public commentary could shape how the bank frames any compensation changes going forward.

Goldman Sachs’ own employee materials outline benefits and retirement rules that interact with variable pay. An internal benefits document dated January 2024 shows employees are “100% vested in firm contributions after completing two years of service” and “become eligible to earn firm contributions the first of the month following hire date.” The firm offers “401(k) dollar-for-dollar matching contributions from the firm of up to 6% of annual Total Compensation capped at $12,500” plus an “Additional 2% fixed contribution for employees with Total Compensation less than $125,000.” The excerpt also lists tuition reimbursement up to $10,000 per calendar year and 24/7 virtual care through “DOCTOR ON DEMAND BY INCLUDED HEALTH.” The document reiterates that “Certain benefits may be taxable to the employee.”

Broader strategy signals in the LinkedIn excerpt show Goldman pushing into private markets: “New Strategy: Goldman is \\growing its private markets business\\, investing outside public stock markets, like \\Blackstone and KKR\\,” and that “Goldman Sachs manages $500 billion in private assets out of \\$3.2 trillion total\\.” The firm’s UK footprint also appears in the material: “With over 6,000 employees in the UK, across London, Milton Keynes and Birmingham, Goldman Sachs is a vital partner...”

For employees, a larger equity component of bonuses changes timing and risk. Stock awards often vest over years and can affect immediate cash flow, tax treatment and decisions to stay or leave. For junior staff accustomed to cash-heavy pay, a bump in restricted stock could feel like a pay cut even if total compensation rises on paper. Watch for company communications around the Dallas annual meeting and any plan text that clarifies which roles would receive larger equity allocations. Employers and employees alike will be monitoring whether the firm standardizes stock splits or leaves mixes to role-by-role discretion.