SG
Investor protests aside, here’s another very persuasive argument against generous banker pay
Executive pay isn’t all that it’s cut out to be, if a recent joint study by PricewaterhouseCoopers and the London School of Economics is anything to go by. Making executive pay work: The psychology of incentives, surveyed 1,106 executives across 43 countries. Ironically it found that highly complex compensation packages with deferred bonuses – beloved [...]
The big picture: A look at 2011 bonuses for Singapore’s finance professionals
In this latest post, we examine the results of the recent eFinancialCareers bonus survey in Singapore. Here’s our take on the plausible reasons behind those figures, the trends and our predictions on post-bonus movement. To get the low-down, please click here to view the report.
Daily Dispatches: Here’s what Vikram Pandit gets paid
Citigroup, the second-worst performer in the KBW Bank Index (BKX) last year, is grappling with a revenue slump. Chief Executive Officer Vikram Pandit is not. His US$15m pay package for 2011 and a multi-year retention package announced in May could total $53m, based on regulatory filings and an analyst’s estimate. The CEO also received $80m [...]
Would you take a promotion that only offers a pathetic pay increase?
Perhaps some of your colleagues have been made redundant, but you’re still holding onto your job. Better yet, your boss announces you’ve nabbed a promotion along with a flash job title. All in all, life seems rather sweet until you find out there’s barely been any salary increase. That’s something Tanya Sinha, manager of financial [...]
Calling all Asian bankers: Post-bonus, has your life become more unaffordable?
You might have read last week’s Bloomberg story which looked at how some bankers in the US are having difficulty adapting their lifestyles due to shrinking compensation. Likewise, we thought it would be interesting to have an Asian perspective on the extent the 2011 bonus round is causing YOU pain. Please answer the questions below, [...]
Daily Dispatches: Big bonus claw back at UBS
In another move to rein in compensation, UBS has notified employees it will claw back part of the bonuses due to its best-paid investment bankers, according to a person familiar with the matter. (Wall Street Journal) Deutsche Bank has told employees it will impose a US$266k cap on bonuses paying out this year, said three [...]
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 [...]
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