Goldman CEO, 6 others miss 2008 bonuses

Goldman Sachs Group Inc said on Sunday its Chief Executive Lloyd Blankfein and six other top officials will not get bonuses for 2008.

Blankfein, Presidents and Co-Chief Operating Officers Jon Winkelried and Gary Cohn, Chief Financial Officer David Viniar, and three vice chairmen -- J. Michael Evans, Michael Sherwood and John Weinberg -- asked the board's compensation committee Sunday morning that they not receive a bonus, spokesman Lucas van Praag said.

The compensation committee met and agreed, Praag said.

The executives will only be eligible for a base salary of $600,000 each, the 'Wall Street Journal' reported.

Last year, Blankfein made $68.5 million, Winkelried and Cohn got $67.5 million, and Viniar got $57.5 million. The compensation of the other three was not disclosed.

New York Attorney General Andrew Cuomo said Goldman had taken "an important step in the right direction."

Last month, Cuomo warned Goldman and eight other banks getting US government money in the first round of capital injections under the $700 billion Troubled Asset Relief Program that using the funds for bonuses might break state law.

"This gesture by Goldman Sachs is appropriate and prudent and hopefully will help bring Wall Street to its senses," Cuomo said in a statement on Sunday. "We strongly encourage other banks to follow Goldman Sachs' step."

Goldman's move comes as the global credit crisis leads to big losses and erodes profit for banks and securities firms.

Banks worldwide have fired more than 150,000 people since the crunch began. Goldman recently fired 3,200 employees, or 10 per cent of its global workforce.

Goldman became a bank holding company regulated by the Federal Reserve in September, along with Morgan Stanley, after Lehman Brothers failed, Merrill Lynch agreed to be bought as financial markets went into turmoil.

On September 16, Goldman posted a 70 per cent drop in quarterly profit, its biggest earnings decline since going public in 1999, as the worst market slump in decades led to weaker-than-expected revenue.

Several analysts expect the company to post a fourth-quarter loss, which would be its first ever as a public company.

Its shares are down 69 per cent so far this year.

One million job vaccancies to be filled up in 2008 in India

One million job vacancies to be filled up in 2008 in India - Yes its true a great news for freshers to be passed out mid this year and all job professionals looking for a change. According to ASA a leading HR consultancy firm has predicted over one million new jobs in India thus there will be 3% increase in jobs this year.



Good news for people studying or working inhospitality sector, the largest part of theses job vacancies will be in hospitality sector. Hospitality sector in growing very fast in India with the increase of tourists visiting India. As high as 450000 jobs are expected to be filled in hospitality sector. Good luck for all in this sector. According to recent news and business deals we can see chain of 40 international brand hotels in India by 2011.



Information technology (IT software, web design, website marketing, search engine optimization)and ITES will remain one of the leading job providers. Health sector is also expected to see a good number of job vacancies in 2008.

Even surveys say a good number of people are undertaking work at home jobs in India and work from home trend will also increase 2008 with earn from home opportunities are still in infancy in India with few websites offering work from home jobs online , paid surveys online, freelance jobs etc.

I also wish with banking sector increasing in India lots of private and government banks are making business deals with corporate giants will Payday loans will be there in India soon

Source: Yahoo News