Jan. 12, 2012 – Two of the top executives of now-iconic bank Goldman Sachs left in what was called “shocking,” “highly unusual” and part of a “surprising shake-up,” by Liz Rappaport writing in the Wall Street Journal. David B. Heller and Edward K. Eisler had been fast-tracked to the 32-member management committee, from where future COOs and CEOs are nurtured.
“They expressed disappointment to some colleagues that their highflyng businesses had last some luster,” said Rappaport. Scuttlebutt on The Street was this departure reflects the cutbacks as banks grapple with doldrums and changing market conditions.
One key problem is these high-flying bankers are seeing their income plummet. Sources said pay for high-level executives like Heller and Eisler have dropped in 2011 to between $3 million and $6.5 million. That could mean belt-tightening because men in their position “routinely earned $10 million or more when business was booming.”