Goldman Sachs' move to require employees to stay for a full year or give up options and stock awards granted the year before has helped it lower its fourth-quarter costs, reports Bloomberg. But the real issue is what effect this will have on its tricky retention efforts. It's no secret that top bankers and others across the Street are jumping ship in search of higher pay. So will locking employees up for a year really do much? It may work for the moment, but long term it's anyone's guess.

The lure of Goldman and Morgan, recently anyway, has been more about money than reputation, if you ask me. So the issue for many is if you want the massive paycheck, where can you go? There are only so many banking boutiques out there. Hedge funds are an uncertain proposition. Perhaps many will just be content will lower pay and be thankful they have a job.   

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