Goldman’s philanthropy causing internal resentment

Goldman Sachs has given $1.6 billion to charity since 2008 through its foundation, reports the New York Times.

The trading firm says philanthropy is its response to accusations during the financial crisis that it wasn’t doing enough to soften the blow to ordinary investors, the Times says.

Read: Goldman encouraging analysts to take weekends off

But some inside the bank resent the foundation’s charitable efforts, saying their resources have gone up while the rest of the firm is cutting back on expenses and people, reports the Times.

Adding to the sore feelings are reports that the person in charge of the charity, Dina Powell, is making an estimated $2 million a year.

Read more here.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.