RBS is not a good payer. Robin Budenberg, chairman of UKFI, said as much yesterday, when he explained that RBS is only just retaining the ‘pretence’ of paying competitively.
UBS is not a great payer either. But it appears to pay quite a bit more than RBS.
In UBS’s remuneration report, out today, it reveals that it paid its average ‘risk taker’ (AKA code staff) CHF1.5m (£1.01m) in 2011.
RBS, by comparison, paid its average member of code staff £727k.
That is a big gap.
Like RBS, UBS is also sounding a death knell for salary increases. Last year, it increased them 5%. This year it will increase them 1%. And those increases will mostly go to: “employees who were promoted and those whose base salary fell significantly short of the market benchmark for their role.”
Key takeaway: Your salary will not increase again for a long, long time.
Carsten Kengeter is no longer the best paid person at UBS. (Bloomberg)
JPMorgan's supposed whistleblower complains about the fact that they were all told they wouldn't get a bonus, but then they did. (CTFC)
Smith’s is the objection of the underclass of younger bankers and traders stymied by a lack of career mobility, suddenly disillusioned, coming to a realization that despite all their hard work, not everyone actually makes it on Wall Street. (Marketplace)
Mr. Smith resigned in an e-mail message to his bosses at 6:40 a.m.London time. His op-ed was published 15 minutes later. Last year, he made $500k. (New York Times)
Friends and former colleagues of Greg described a quiet, likeable, highly intelligent man who had shown little sign of being unhappy at Goldman Sachs. (Financial Times)
Greg Smith looking amicable and furry. (William-Wright)
Greg Smith is of Lithuanian Jewish descent, from a modest family. His father was a pharmacist. His mother was a social worker. He was quiet. This was not expected. He is now in New York City with friends. (Bloomberg)
“In a company of our size, it is not shocking that some people could feel disgruntled.” (Wall Street Journal)
“I want to be clear that I don't want anyone here to seek advantage from a competitor's alleged issues or hearsay - ever. It's not the way we do business,” Dimon said in the memo. (Reuters)
Goldman had $2.15bn wiped off its market value yesterday. (Bloomberg)
London investment bank: help wanted. (CraigsList)
Jerry del Missier and Rich Ricci, co-heads of Barclays Capital, respectively sold £10.8m and £9.7m of stock as soon as it vested last week. (Telegraph)
Headcount at Credit Suisse only increased last year due to a lag in the reporting of staff cuts. (Financial News)
Matt Taibbi hates Bank of America. (Rolling Stone)
JPMorgan has started moving to Canary Wharf. (CityAm)
It’s not great working at Google any more. (CNN)
In which Rich Ricci goes to the races in an unfortunate outfit. (Mirror)
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