This is the week of Barclays’ fourth quarter results. It is also the week in which Barclays’ staff are expected to learn of their bonuses. While the results may be acceptable, the bonuses probably won’t be.
In a sign that Barclays didn’t do too badly in 2014, the Sunday Times reported yesterday that Barclays’ CEO Antony Jenkins is preparing to embrace his first ever bonus since he was appointed three years ago. However, Jenkins’ bonus won’t be huge: the Times says he’s turned down the £2m that was due to him and will be accepting a mere £1m for his efforts. Jenkins’ self-denial sets an interesting precedent for Barclays’ senior investment bankers. – Surely they should follow their leader in refusing to accept bonuses that seem too extravagant, or at the very least not complaining when their bonuses are disappointing? Although the overall bonus pool is expected to fall by 17% at Barclays this year, Jenkins’ modesty probably presages a more substantial cut for Barclays’ managing directors – especially in the investment bank.
Separately, if you’re a partner at Goldman Sachs for 12 years, you can expect to retire young and buy yourself a position as the squire of a fine manor in the Shires. At least, this is what the former head of Goldman Sachs’ UK business has done. The Sunday Times reports that Julian Metherell, former Goldman partner and senior UK M&A banker, has retired to his country estate aged 51. Titled Kingston Wood Manor in Cambridgeshire, the estate was sold for £8.5m in 2011. The full sales specification is still available here. Very nice it is too,
Even though Stephen Hester left RBS two years ago, he could still receive £1m this year as stock vests. (ThisisMoney)
RBS’s targeted cost/income ratio of less than 50% looks too low and its return on equity target of 12% looks far too high. (Forbes)
Antonio Horta-Osório is due to receive £11m at Lloyds: “I fully accept this is a very high number but I would expect in this country people focus on pay for performance,” Mr Horta-Osório said. (The Times)
In less than two weeks, there’s a chance that Michael Corbat, CEO of Citi, will need to find a new job. (Bloomberg)
It’s not just Corbat’s job that’s in danger. Chief financial officer John Gerspach and Brian Leach, head of risk, may have to resign too. (Financial Times)
Sberbank has cut 20% of its London staff already this year. (Financial News)
Hedge fund managers should neither get married nor divorced. (CNN)
Bridgewater is starting a new artificial intelligence unit staffed by six people. (FinAlternatives)
How to reduce your resume to a single page. (Daily Muse)
A guide to avoiding cognitive exhaustion. (Farnam Street)