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’Adventures at Mansion House
LORD TURNER KEEPS HEAT ON BANKERS WITH FURTHER ATTACK
… Scream the headlines of Wednesday morning’s papers, on the FSA chairman’s Tuesday night speech at Mansion House.
Unfortunately, given the newspaper practice of pre-writing news (in order to make their print deadlines,
Bankers vs ballers, by Bove
Confirming what everyone in the UK — land of the obscenely paid footballer — already knew, veteran banking analyst Richard Bove has authored a piece of research illustrating that bankers do not make as much as those in professional sports.
Quantitative bonus-ing
As the Bank of England’s balance sheet balloons, so too do its bonuses, according to data disclosed by the Bank under a FOI request from The Telegraph.
The point of cutting costs is to have lower costs…
… Someone should tell UBS.
UBS reported dismal 2Q results on Tuesday — but don’t feel too sorry for its bankers.
Despite cutting 1,140 jobs in the last quarter, the investment banking division,
FSA warns banks over long-term bonuses
Banks that have agreed to pay their executives a guaranteed bonus for more than a year risk heavy penalties, the head of the FSA warned in a letter sent to more than 40 chief executives within the financial services industry.
Goldman’s blow-out Q2, the media reacts
Apart from a fascination with how much money Goldman Sachs made by the day, minute, hour and second in the second quarter of 2009, the media reaction to Tuesday’s record-breaking figures mostly focuses on whether they will be some sort of regulatory backlash.
Goldman, bonuses all around
This is unlikely to engender any good public feeling for the investment bank.
From the just-released Q2 earnings.
Compensation and benefits expenses (including salaries, estimated year-end discretionary compensation,
Bonuses are back, baby
Don’t sell the Lamborghini just yet, counsels FT columnist and M&A correspondent Lina Saigol. According to a report issued by pay consultants Johnson Associates last week, expect a rebound in bonuses for 2009 on the back of strong first-quarter earnings.
Dresdner takes bonus battles to new highs
Hell hath no fury like a banker gypped of his bonus, or so it seems by the latest moves from Dresdner Kleinwort.
In an escalating row that has been brewing since Commerzbank bought the London-based investment bank as part of its purchase of Dresdner late last year,
The RBS bonus bonanza!
A curious anecdote. Back in the 1990′s, Goldman Sachs had a rather archaic payroll system that could only cut a cheque with a maximum value of $100,000. On bonus day, those cheques would arrive in little individual envelopes.
Pandit: marked to market
And the result is…
Feb. 11 (Bloomberg) — Citigroup Inc. Chief Executive Officer Vikram Pandit said he will take a salary of $1 and no bonus until the bank, which has accepted $45 billion in government bailout money,
Lex versus Wolf
It’s a while since we’ve heard from The Epicurean Dealmaker. Maybe he’s retired, hurt.
But this should fix that – a snap blog at FT.com to debate the vexed issue of bankers’ bonuses.
Martin Wolf’s opening salvo is here – itself a reaction to a Lex note penned by FT Alphaville escapee Helen Thomas
And now everyone’s on the case:
The toxic bonus plan at Credit Suisse
An eye-catching idea if ever we saw one – make IB directors eat what they’ve cooked.
As Bloomberg reported earlier on Thursday, Credit Suisse has found a new way to reduce the risk of losses on about $5bn of illiquid debt: using them to pay senior employees’ year-end bonuses.