Goldman stock options



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Liz Hoffman and Tom McGinty. President-elect Donald Trump waves from the podium as Melania Trump looks on during the 58th Presidential Inauguration at the U. Capitol in Lptions, Friday, Jan. Copyright The Associated Press. Three days after the presidential election, James Gorman did something he hadn't goldman stock options before in his six years as chief executive of Morgan Stanley: He sold stock. He sold anothershares later in November as the stock surged on the back of Donald Trump's victory, and late last week, he disposed of a furtherTrump's election victory on Nov.

That is more in that same period in any year since That is nearly twice the amount sold for that purpose than in the year leading up to the election. An added bonus: Some options that were about to expire worthless became valuable due to the postelection run-up. At Goldman Sachs Group Inc. Further selling may be in store. Bank employees typically can't sell shares or exercise options in the run-up to earnings reports. The big banks finished posting earnings last week, meaning employees will now in most cases be free to sell.

Those sales won't be as apparent, though. Banks only have to disclose trades for a handful of top executives, although rank-and-file employees are paid largely in stock and options. Share sales by corporate executives are often viewed by investors as a sign that insiders could be growing wary of valuations or be less stok in an increase in share prices.

While that may be the case among some bank executives, the sales also follow a multiyear period in which they largely held on to moribund stock. Some executives even doubled down during the depths of the postcrisis trough. Chief Executive James Dimon boughtJ. Morgan shares in in the wake of the so-called London Whale trading blowup. Dimon bought anothershares in early as bank stocks were sliding.

Now, with share prices and valuations rising, executives are acting. Many were the fruit of options granted to executives years ago when shares were trading at half goldman stock options current value. Those options allowed their holders to buy shares at big discounts to current prices. For options to be worth exercising, the stock must be trading above the so-called strike price, the level at which an option-holder has the right to buy it.

Before the election, Mr. Gorman had only sold shares to cover the cost of exercising his options, holding on to much of his stock in the process. After the latest sales, Mr. Gorman still owns 1. Gorman planned to sell them if and when the share price doubled, which it did just after the election, according to a person familiar with his thinking. Some of the selling at these banks has been from executives who have announced their retirements, including Morgan Stanley Chief Operating Officer Jim Rosenthal and Goldman Europe head Michael Sherwood.

Other trades are pursuant to prearranged plans that golvman trades for certain times or universal trading profits system triggers. And some have occurred as once-worthless options gained value. Six current Goldman Sachs executives, as well as board member and ex-finance chief David Optioons, exercisedoptions, filings show.

Another chunk of options set to expire later this year also have been pushed "into the money. There is one potential downside to the bank-stock rally. Firms recently awarded compensation based on stock that is suddenly higher in value, meaning employees received fewer shares or options optioms have higher exercise prices.

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