US
If you’re feeling the pinch from a much reduced bonus, this should come as wonderful news: one of the star players of the great bonus shrinking spectacle is said to be increasing basic pay for senior staff. According to an afterthought at the bottom of an article in Financial News, UBS is upping basic salaries for its managing directors to between 200-250k, with some super-senior people even receiving salaries 300k. Higher basics may not compensate for the mass of zero bonuses apparently paid out at UBS, but they’re better than nothing. We suspect that other banks may yet do the same.
A real malus should involve a permanent diminution of wealth, not just simple non-payment of a bonus. (Pestowire)
Citigroup wants to be nationalized. (Financial Times)
Markets like that idea. (Business Insider)
“I want to reassure you that I remain very confident in Citi’s prospects and business position around the world.” (Reuters)
Citi staff in Asia are dumping their stock. (Naked Capitalism)
Lewis insists BofA can stay private. (Bloomberg)
With all that has happened, the new world order suggests an oligopoly of MS, GS, JPM…(Business Insider)
Interdealer brokers still hiring big. (Financial News)
Guy Hands buys out investors, becomes personally liable for €25m of undrawn capital calls. (Financial Times)
Those are your new interns… They’re all former investment bankers who were laid off in the economic crash… They’ve got zero real-world skills, but, God, they work hard.
(Longorshortcapital)
yeah, baby!!!! Higher salaries, 4 day working week, no weekend work and 1 month paid holiday….life is sweet.
damn tax tho
Why on earth are you being “taxed to oblivion”? All too easy to avoid paying that much, endless loopholes everywhere. The government give me nothing so I’m not giving the government much back!
Henry please advise..
My tax planners are Welbeck Wealth. Google them. No complaints.
Utter joke, greediness simply doesnt define this adequately!!
This article is in such extreme bad taste at a time when many, through no fault of their own have no job and no income and are being told by recruiters they have little prospect of working again if they are over 40.
“through no fault of their own have no job and no income”
If they were good enough, they would have been kept. I don’t know of any genuinely top person who has been binned.
Douglas,
This is the sort of crazy thoughtless comment which ruins lives and careers. Do you really consider those at the top of the tree (who have caused all this mess) are the best ? They are often those who are best at bullying and taking credit for the work of others who bear the blame for any of the errors.
Are you seriously suggesting that all those who have been made redundant are no good ? I hope you still believe this when your turn comes.
It is this type of comment which earns the City its poor reputation.
ahuman being -
I don’t think you belong in the City. Douglas is speaking the truth. Being top quality means knowing how to backstab effectively, lie, blame, manipulate and take credit when it is NOT due to you. Always put someone down to make yourself look better in front of your boss. Did you really think The City was just about having good, core technical finance skills?
This is very sad.
@ Douglas – you don’t talk like a MD to say that…. just another proof the sytem is not working…
Welbeck a company to avoid.