The European Union is progressing, slowly, towards a cap on bonuses. At one point last year, it looked like the bonus cap would come into effect early in 2013 and cause problems for the 2012 bonus round. This didn’t happen. Today Reuters reports that the putative cap won’t come into force until January 2014 – at the earliest.
This is the good news. The bad news is that the Irish government, which currently holds the EU presidency, is pushing for the bonus cap first suggested last year by the European Economic and Monetary Affairs Committee – namely that bonuses should be capped at 100% of salaries, unless shareholders vote in favour of lifting the cap to 200% of salaries, with 200% being the maximum upper limit.
Private equity fund Hellman and Friedman is hiring more investment professionals. (FinAlternatives)
Virgin Media is delaying bonuses to avoid the new high tax rate. (Telegraph)
Gregg Lemkau, Goldman’s new global co-head of M&A, joined the bank 20 years ago as an analyst. (The Times)
International banks are rapidly losing market share in emerging markets. (Bloomberg)
Another presentation in which Goldman Sachs says there are big revenue opportunities in Europe. (Goldman Sachs)
When Barclays discovered the Guardian was writing about its structured tax business, it woke a judge in the middle of the night and tried to gag the paper. (Guardian)