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Goldman Bonus System Corrupted in 2005, Smith Book Says

Goldman Sachs Group Inc. changed how it calculated year-end bonuses in 2005, corrupting a culture of teamwork that existed previously, according to a book published today by former employee Greg Smith.

Before 2005, the company determined workers’ annual awards “not just on how much business you’d brought in, but also on how good you were for the organization,” Smith, a former vice president, writes in “Why I Left Goldman Sachs: A Wall Street Story.”