From a memo obtained by Bloomberg, from Jacques d’Estais, head of corporate and investment banking, to senior colleagues, on coming big bonus cuts…
…best performers may be affected…
I am therefore asking you to start managing your teams’ bonus expectations now.
A difficult task. The first nine months of 2008, explained d’Estais, have seen a 73 per cent in pretax profit…
Our overall bonus pool is likely to show the same YoY decrease.
Ouch.