RBS markets professionals are not happy with their pay. In a recent lecture at the High Pay Centre, RBS chairman Sir Philip Hampton said bonuses at the investment bank have been cut by 80% (although he didn’t specify when, or give a comparator year) and that salaries for the bank's 10,000 top staff have been frozen.
RBS bankers are upset by this. Hampton reportedly told his audience that he’d been assailed by several of them complaining about the state of their pay. In particular, he said one senior investment banker had been apoplectic to discover his package was only £4m, when someone doing a comparable job at a competitor bank was receiving £6m. “This is absolutely outrageous to them, that somebody is getting 50% more," Hampton said, claiming he had an 'out of body experience' upon receiving the complaint.
Separately, the Evening Standard reported the sad case of Richard Laco who was killed last Wednesday when a concrete stairwell fell on him. 31 year old Laco was working on a building site near Kings Cross when the incident happened. Laco had a first class degree in economics from Middlesex University and spent some time working at Amplify Trading in Canary Wharf in 2011. Unable to find further employment in the City, he found work in a mountain sports store and the building sector instead. The cause of the fatal accident is still being investigated. Tributes to Laco, who friends say "had a positive attitude to life," are being left on his Facebook page.
In future, European bankers will be more interested in salary than bonus, less willing to tie performance to pay and more risk-averse. (Wall Street Journal)
Brevan Howard is now Europe’s largest hedge fund manager. (FinAlternatives)
Mathias Berenger head of European vanilla options trading and Richard Rafcliffe, head of rates sales to Netherlands, were among the redundancies at Credit Suisse. (Derivatives Intelligence)
BNP Paribas is being asked about currency fixing too. (Telegraph)
Standard Chartered is slowing hiring and automating parts of its investment bank. (WSJ)
Hong Kong pre-school found teaching infants about financial markets. (Twitter)