HK
Daily Dispatches: A rather frightening list of banking’s biggest compensation cutters
Morgan Stanley, Citigroup and Credit Suisse made some of the year’s biggest cuts in compensation for investment bankers, averaging as much as 30 per cent, as Wall Street firms grappled with lower revenue. (Bloomberg) The former chief executive of the Royal Bank of Scotland, Fred Goodwin, has been stripped of his knighthood by the Queen [...]
Daily Dispatches: RBS’ Hester gives up his bonus
Stephen Hester, the chief executive of Royal Bank of Scotland, has bowed to intense political pressure and waived a bonus of nearly £1m. (The Guardian) China’s national auditor has warned of potential risks in the fiscal and financial sectors this year, the state-run Xinhua News Agency reported Saturday, citing the auditor. China faces a certain [...]
Want a 30 per cent pay rise each time you change companies? China is the place
As we reported last week, pay increments for those switching jobs won’t be great in Hong Kong and Singapore this year, with 15 per cent considered near the top end. But if you’re moving in mainland China, expect to be a lot better off at your new employer. “I see only a handful of 20 [...]
Young bankers are bonkers about bonuses
Junior bankers in Singapore are living in a bubble when it comes to bonuses, according to the 20-strong panel of in-house HR professionals who attended the recent eFinancialCareers roundtable in the city state. Although most employees don’t expect a good 2010 bonus because of the global economic climate and internal cost cutting, many graduates [...]
A rather depressing summary of bad bonuses forecasts in Hong Kong, Singapore and Shanghai
Bank bonuses seem to be universally shrinking. Asia, often cited as the engine of growth for many firms, isn’t impervious to suddenly skinnier payouts either. Even front-office staff – the revenue-generators who are typically well compensated – will be hard hit by the bonus crackdown. Here’s a forecast of what the pool will be like [...]
Asia to escape the cull on IT contractors’ pay
Recent news that firms in the West are reducing pay for IT contractors begs the question: will these cuts hit Asia as well? Nomura and RBS are trimming 10 per cent or more from salaries of IT contractors and other temporary workers. However, Gina Ong, partner, technology practice, Boyden Singapore, doesn’t think this policy will [...]
At the very least, this is utter, utter disaster for the UBS bonus pool
If you haven’t heard already, it’s all gone badly wrong at UBS. The bank reported today that it’s lost in the region of $2bn from “unauthorized trading by a trader in its Investment Bank” and could therefore make a loss in the third quarter. It’s not Jerome Kerviel ($7bn). But it’s not good. Net profits [...]
Red dot rising: Singapore private banks poach from and pay on par with foreign rivals
The private banking arms of the three Singaporean banks, OCBC, DBS and UOB, are starting to become more successful in their attempts to attract talent from western competitors. “Singapore private banks are aggressively recruiting bankers from European and US firms to the extent that they are looking for team moves,” says Jansen Gwee, banking and [...]
The curse of the donut-bonus banker: Unloved at home; unwanted anywhere else
Got no bonus or just a sad month’s worth? If that’s not bad enough, here’s rubbing more salt into your wounds: other banks aren’t likely to hire you anytime soon. With salary levels on the rise, bonus structures have changed. Under-performing bankers often get zero bonuses, unlike previous years where they would at least pick [...]
Do returnee bankers need a reality check?
Returnee banking professionals sometimes have inflated salary expectations and their skills aren’t always in demand at domestic banks. “All too often people looking to return to China go about their market research in the wrong way – by talking to friends, or just assuming that China is booming and that they can expect full expatriate [...]
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