UK
Employees of MF Global are only entitled to 800 each
There’s been some concern in comments left on articles on this site that employees at MF Global won’t be paid for October. We understand that they will. According to MF Global insiders, KPMG held a conference call yesterday and assured everyone that their salaries are to be paid for the past month. There was, however, [...]
At which point do BNP’s nasty clawbacks become an issue?
BNP Paribas’s results are out. Within the corporate and investment bank they are nasty, but they are not that bad compared to other banks. Pre-tax income for corporate and investment bank is down 16% for the first nine months of the year versus the same period of 2010. The cost/revenue ratio is a handsome 56.4%, [...]
It’s not quite as bad as the early-noughties, but bonuses are set to tumble this year
The Centre for Economics and Business Research (CEBR) has been silent about City job and pay prospects since April, but within the space of two days it’s produced two very gloomy reports. Yesterday, it suggested that over 27,000 jobs would disappear from London’s financial sector between 2010-12, and today it’s unveiled its bonus projections for [...]
UBS badly needs to cut compensation costs, Deutsche Bank already has – but not enough
If ever there was evidence of how much UBS needs to cut back on staff costs in its investment bank, just look at its latest quarterly report – so far, its compensation has fallen by just 17.9% year-on-year and headcount is actually up on Q2. UBS currently employs 17,878 people in its investment bank – [...]
Exit options involving other six figure jobs
Things are not great in banking. Nor, according to UBS, are they likely to get better soon. “Current market conditions and trading activity are unlikely to improve materially, potentially creating headwinds for growth in revenues and net new money,” said the bank today. This being the case, a lot of people in the industry may [...]
Non-British financial services professionals in London earn more AND are better educated
Once in a while, a glimmer of xenophobia flickers across the comments left on this site. European financial services professionals in the City are accused of being, “Eurotrash,” as in, Glasgow’s not that bad. Less Eurotrash for a start…. Those comments may well originate in jealousy and resentment: non-British employees in the City are higher [...]
This is all you need to know about the new global report on the evolution of bonuses
The Institute of International Finance has produced a new report titled, ‘Compensation Reform in Wholesale Banking 2011: Assessing three years of progress.” It confirms what many of you will already know: salaries are higher, bonuses are more likely to be deferred, guarantees are fewer. But there are some surprises. 1) Guarantees have fallen less than [...]
Morgan Stanley can’t afford this generosity to its investment banking staff
While everyone else cuts pay, Morgan Stanley is increasing it. The bank disclosed yesterday that compensation expenditure in the group is up 8% year-to-date vs. 2010. This is more generous than it seems. Nomura analyst Glen Schorr points out that the amount feeding through to employees will be up more than 8% because last year’s [...]
In the past, it appears some Goldman bankers did not pay income tax on their bonuses
Goldman Sachs appears to have been exonerated from paying 10m in interest on a tax avoidance scheme involving an employee benefit trust in the Virgin Islands. The revelation is causing widespread outrage and prompting calls for the permanent secretary at HM Revenue to resign. Outrageous as the 10m waiver is, however, what is surely more [...]
Results to our bonus survey suggest many bankers have become divorced from reality
Despite what are evidently very challenging market conditions, the threat of redundancy and rumours of zero bonuses in the front office, people working in financial services are optimistic! They expect to be paid more for 2011! Quite a few of them also think salaries will increase again in 2012. Such are the results to our [...]
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