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’Volcker is all up in your bonus
In its present form, the Volcker rule has the potential to change compensation structures. Not only that, but the Volcker rule cares about what your intentions were when you executed a trade. Starting
Breaking even at Goldman Sachs
Thought the recent pick-up in trading volumes would be good news for the big investment and universal banks?
Think again.
Nomura’s US banks analyst Glenn Schorr has just taken the red pen to forecasts for the second time in a month.
Big oil’s bonus backlash
Earlier this month, Hans Wijers, the newish chairman of the Remuneration Committee at Royal Dutch Shell, said the oil company had learnt its lesson on pay.
Recall, the oil company that suffered a humiliating defeat on pay last year,
More bonus neurosis: Thain and how times have changed
He has been keeping a low profile since his ignominious exit from Merrill Lynch in early 2009. But who can forget John Thain, former Merrill Lynch CEO, of lavish-office-refurbishment fame.
Thain on Sunday was named chief executive of the CIT Group,
Belated preemptive strike by Goldman
As talk of a global banker bonus tax swirls…
Goldman get its retaliation in, complete with a neat “recapture” provision.
RTRS-GOLDMAN SACHS ANNOUNCES CHANGES TO 2009 COMPENSATION PROGRAM
RTRS-GOLDMAN SACHS GROUP INC SAYS MANAGEMENT COMMITTEE TO RECEIVE NO CASH BONUS FOR 2009
RTRS-GOLDMAN SACHS GROUP INC SAYS EQUITY “SHARES AT RISK”
Banker tax – further details (updated with bonus maths)
From page 48 of the pre-Budget report, unveiled on Wednesday (emphasis ours):
Box 3.2: Banking Bonuses
The Government attaches great importance to tackling the remuneration practices that contributed to excessive risk taking by the banking industry.
Banker tax unveiled
From the pre-Budget report, via Reuters:
DARLING – WILL CHARGE BANKS 50 PCT TAX RATE ON STAFF BONUSES OVER £25,000
DARLING – TAX ON BANK BONUSES EXPECTED TO YIELD £550m
And from FT.com:
The Treasury estimates that the move – which comes into immediate effect and runs until April 5 next year – will affect 20,000 bankers.
Lex: Porsche
The dismissal of Wendelin Wiedeking may clear the way for Ferdinand Piëch to leave his family an extraordinary legacy.
Porsche SE could inject the unlisted distributor into Porsche AG, which VW would then buy.
Yes, bankers are overpaid and no, it will not last
The below graph comes from this authoritative study of financial service industry wages in the US by Thomas Philippon and Ariell Reshef, which has just been published as an NBER working paper.
(It’s
IB salary data point of the day
Want to know what your (less discreet) investment banking peers are making in these troubled times?
Fashion meets Finance, the social service that aims to match attractive but relatively poor women with relatively unattractive but rich finance professionals correct gender imbalances between New York bar scenes,
Citi to Paulson: Application for xmas party
Read last week’s Pandit memo?
If you did, you just might have been curious to know the details of the new “approaches to executive compensation” that the US government has outlined “consistent with their objective as an investor in Citi”.
Empty CEO stockings
The Wall Street Journal has a good snapshot of the banking heads who won’t be getting bonuses this year.
Of course, their minions are losing out too. Morgan Stanley, for instance, will cut compensation for its top 35 execs by about 65 per cent — UBS has already done something similar.
Securities firms tackle pay issue
In a sign that Wall Street is waking up to the political tempest over billions of dollars in year-end bonuses likely to be paid out at securities firms lining up for government infusions, top executives are in discussions to possibly cap their own compensation,
AIG to freeze ex-chief’s $19m payment
AIG is to freeze about $19m in compensation payments to Martin Sullivan, the former CEO of the US-rescued insurance group, it was revealed last night. The New York attorney general said the group has also agreed to freeze about $600m of deferred compensation and bonuses due to executives of AIG Financial Products,
Mammonite du jour: Alexandre Mouradian
The mainstream press was mostly up in arms on Wednesday at the thought of Alexandre Mouradian, a 38-year-old London broker awarding himself a £1.32m bonus, and then suing when his employer, Tradition Securities and Futures,
Lloyds chief tells staff: you’ll still get bonuses
The Guardian reports the CEO of Lloyds TSB, one of the banks participating in the UK’s £37bn bank bailout, has promised staff they will receive bonuses this year despite Gordon Brown’s promise of a crackdown on bankers’ pay following the investment by taxpayers.
Lehman’s bonus clawback
Do you work at Lehman? Did you hear Christian Meissner (LEH’s co-head of investment banking in EMEA) tell you in a London meeting this morning that you were on your own and shouldn’t expect to be paid?
Because he did,
[MoneyTech] Through the looking Glass(Door)
So, how much do you make? And what’s it really like working for (insert-name-here)?
Don’t worry, there’s no need to tell us, because now we can satisfy our voyeuristic urges do the research over at Glassdoor.com,