UK
Lunchtime Links: From the retired banker who made millions on the RBS-ABN deal, to the sad souls who are having last year’s bonuses clawed back upon redundancy
Life used to be so pleasant and so easy: you could advise upon the most value-destroying M&A deal of an era and retire happily to Highgate without so much as a glance in the rear view mirror. Not, unfortunately, any more. The Independent reports that Matthew Greenburgh, the Merrill Lynch banker who advised Fred Goodwin on [...]
This is how much you should be earning as an MD in equity research in EMEA, Asia, the US and Brazil in 2011
International financial services search firm, Options Group, has disclosed some data points from its new and very comprehensive compensation report for 2011. Here’s what they say you should be anticipating, in total comp as an MD in equity research this year. Total compensation forecast, MD, equity research, 2011 US: $750k-$1.0m EMEA: $785-$1.2m Asia-Pac: $1.0-$1.2m LatAm: [...]
GUEST COMMENT: Everything you must know about the new UK requirements on remuneration disclosure in large banks
On 6 December, the UK Treasury published a consultation document on new remuneration disclosure proposals for certain large banks operating in the UK. These proposals have already generated much controversy, principally because they will require the disclosure of the detailed remuneration structure of the eight highest-paid senior executive officers on an individual (anonymised) basis. Which [...]
This is how much you should be earning as an MD in M&A in EMEA, Asia, the US and Brazil in 2011
International financial services search firm, Options Group, has disclosed a few data points from its new and comprehensive compensation report for 2011. We’ll be releasing them slowly over the next week. Here’s what they say you should be anticipating, in total comp as an MD in IBD this year. Total compensation forecast, MD, IBD: M&A [...]
This could be the year that clawbacks become an issue
UBS probably isn’t going to go for clawbacks. As Kweku prepares to reappear in court today, Sergio Ermotti let it be known yesterday that rather than clawback Adoboli’s losses from last year’s deferred bonuses, he’ll (probably) just pay less in bonuses this year. UBS reserves the right to clawback bonuses in the event that a [...]
As bonus predictions shrivel, 20% or more of front office bankers will receive virtually no bonus this year
Stop thinking about your bonus: it might not happen. As banks begin meetings to determine the size of this year’s bonuses, it’s becoming clear that a lot of people are likely to receive nothing for 2011, and that those people won’t just be in the back office. “There’s a lot more willingness to pay no [...]
There are rumours that some VPs at Goldman have experienced a substantial cut in their pay
Back in July, we were the first to point out a clause in Goldman’s contracts that allowed it to reverse its 2009 salary increases after 24 months. Subsequently, it emerged that Goldman had indeed cut compensation for VPs and MDs, although we understood this was only by around 17% . Now we’re hearing that the [...]
An LSE graduate and ex-Lehman banker is accused of embezzling 14m from his colleagues’ enormous signing bonuses at Otkritie
Russian bank Otkritie seems to be extremely generous to its new hires. In January this year, it recruited a team of five people from Knight Capital and agreed to pay them an impressive $5m (3m) each in signing bonuses. Somehow, however, it’s alleged that the money never reached its intended recipients. Instead of getting $5m [...]
Lunchtime Links: Actually, banks haven’t really reduced pay by much – yet
In the first nine months of the year, pay at investment banks was down, but it wasn’t exactly hammered into submission. Figures for compensation per head across JPMorgan’s investment bank, Goldman Sachs, UBS investment bank, Credit Suisse investment bank, RBS Global Banking and Markets, and Deutsche’s Corporate and Investment bank, show the average individual accrued [...]
If you lose your job, you’ll still get substantially more than the statutory minimum payoff
Credit Suisse made some big redundancies in its fixed income business this week and RBS is rumoured to be warming up for something similar today or tomorrow. We’ve heard some bad rumours regarding redundancy payments at CS, with some senior people allegedly receiving substantially less than they’d expected, but on the whole the message from [...]
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