Goldman Sachs has decided to redirect brokerage accounts of its employees with less than US$1 million in their accounts to Fidelity Investment.
The move means that, the bank’s employees whose assets are less than the specified mark will no longer have access to Goldman’s premier money-management services geared toward high-net-worth individuals.
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Goldman began transition of current and former employees who fall below the millionaire mark into Fidelity accounts earlier this year when it made it mandatory for them to pay a US$3,000 annual fee to keep their Goldman accounts open.
Later, the bank sent a letter informing account holders under the limit that they would be forced to move their accounts by the end of 2014.
Only few of Goldman’s nearly 32,000 employees have more than a million in assets. Roughly 90% aren’t in the upper echelon of partners.
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