Much has been made this morning about the appearance of Desmond McNamara, a former senior risk manager at Dresdner in the Commerzbank trial.
In his Dresdner-risk role, McNamara was paid a salary of £130k and says he was promised a bonus of €600k (£502k), of which €300k turned up. In total, McNamara was therefore expecting to earn £632k.
What did he do exactly? The Financial Times says he was head of risk management for capital markets. McNamara now works as an MD within group risk at Barclays.
Risk jobs can be very lucrative. Last year, it emerged that Bruce Thompson, chief risk officer at Bank of America earned $11.4m for 2010, more than any other executive at the bank.
In general, however, risk pay is more modest. Mere MDs in market risk can typically expect to earn around £300k according to recruiters.
Thomas Linden QC, acting for Commerzbank (and not speaking in reference to McNamara), told the court that despite the bonus scheme, which was designed to retain staff, some bankers only stayed at Dresdner “because they were rejected by employers they applied to”. (Financial Times)
Stephen Hester’s total package could reach £7.4m. 55% of Telegraph readers think he should receive nothing. (Telegraph)
Bank of America staff can’t sell their ‘unrestricted stock’-cash equivalent until February 15th. If anything happens between now and then, there will therefore be all hell to pay. (Bloomberg)
“I saw one senior MD (trading group head at BAML) very upset and yelling after seeing the numbers he had to deliver.” (Dealbreaker)
Credit Suisse told senior bankers their bonuses will drop 30%. InAsia, they’ll only drop 20%. (Bloomberg)
“Out of all the candidates that get called to interview, about 1 out of 5 are girls, I’d say that that puts the odds in their favour. If I was a girl I’d be employed right now. Maybe I should go to my next interview in a skirt.” (BackLuckGeneration)
UBS’s head of Brazilian investment banking has left after 15 months, but the bank is still fully committed to Brazil. (Bloomberg)
MBA course director estimates that over the past 3 years the number of qualified applicants to accredited UK business schools has fallen by about 35%. (Poetsandquants)