Deutsche Bank’s cash cap is not nearly as bad as we’d feared. Following ominous rumours that the German bank was contemplating capping cash bonuses at just £41k, Bloomberg reports that Deutsche’s cap is actually €200k, or £167k.
If so, it leaves Deutsche’s cap in-line with the £172k cash limit originally mooted by Credit Suisse and considerably above the £81k cap at Morgan Stanley. BAML also has a cap (of £94k) but as we noted yesterday this is quite meaningless as a high proportion of the remaining bonus is paid in stock that can be sold in February. Overall, Deutsche’s bankers can feel quite pleased.
Separately, and as has been widely publicized, Stephen Hester appeared on the Today Programme this morning. He acquitted himself well: a Guardian journalist confessed to liking him.
During this interview, Hester said RBS cleared the decks of senior management when he arrived and was then obliged to hire in the best of the best from all over the world to deal with its “toxic time bomb.” Was this, we wonder, a reference to Italian-originating Antonio Polverino, who joined RBS from Merrill Lynch on an alleged £7m package in 2009 and appears to be there still?
In an email to staff, Hester called on workers at the bailed-out bank to be "strong", "purposeful", and "calm." (Guardian)
UBS will be clawing back CHF200k of bonuses this year. (UBS)
UBS may move about 50 people from its prop. desks into its asset management unit, where it could manage client money as a sort of internal hedge fund. (FinAlternatives)
You may not get a job trading Renminbi in London. (Trusted Sources)
The Bank of England is looking for a PR to persuade people that it’s a diverse employer. (PR Week)
These are the (all-male) M&A bankers who will make all the money from the Xtrata deal. (Financial News)
Goldman Sachs and Morgan Stanley will rewrite their clawback policies to make it clear they will reclaim pay from supervisors as well as from employees who take excessive risk or engage in improper conduct. (Bloomberg)
Tom Montag has recruited former Goldman partner Ravi Sinha for BAML’s M&A business. (Bloomberg)
The UK workforce is not at all well-educated. (Daily Mail)