Jun 22, 2009, 2:11pm
HOT TOPICS
So, remember last week when Wachovia held a call to announce that bonuses would be down 90 percent? Yesterday at 5:30 the co-heads of investment banking and capital markets gathered everyone up to recant because apparently someone down south got the math wrong. Bonuses will actually be down 95-97% percent, year-on-year.
Earlier: WB Bonuses Down 90 Percent
Posted by guest, Dec 18, 2008 9:42AM
Goodbye Wachovia Investment Banking - at least until the next time you or one of your cohorts decides to lure a bunch of mediocre bulge bracket MDs with giant guarantees and subsequently ensure failure by thiking you i-banking can somehow thrive in a commercial banking culture
Posted by guest, Dec 18, 2008 9:53AM
#4, I appreciate the good old-fashioned arrogance you're demonstrating with your accurate but distasteful comment, but the investment banking culture is umm gone forever. Sorry to point out facts to you.
Posted by guest, Dec 18, 2008 10:02AM
Not a good marketing point that WB I-bankers can do simple math.
Posted by guest, Dec 18, 2008 10:02AM
Not a good marketing point that WB I-bankers can't do simple math.
Posted by guest, Dec 18, 2008 10:02AM
Not a good marketing point that WB I-bankers can't do simple math.
Posted by miami, Dec 18, 2008 10:26AM
And......the reign of commercial banking has lasted approximately 4 weeks. I-banks still rule.
Posted by guest, Dec 18, 2008 10:31AM
Credit Suisse has it right, from bberg:
" The bank will use leveraged loans and commercial mortgage-
backed debt, some of the securities blamed for generating the
worst financial crisis since the Great Depression, to fund
executive compensation packages, people familiar with the matter
said. The new policy applies only to managing directors and
directors, the two most senior ranks at the Zurich-based company,
according to a memo sent to employees today."
Posted by guest, Dec 18, 2008 11:18AM
Sounds about right.
We're gonna lose 3BN this quarter... wait, no, 4, wait, no, 6....
You're going to get 90% less this year. Wait, no 95%, wait, no, 97%.
Posted by guest, Dec 18, 2008 12:46PM
steve c - 20MM
ben w - 10MM
wachovia employees - 0
sweet management team
Posted by guest, Dec 18, 2008 12:51PM
ben williams is having a surprise going away party... please - is he paying for the cake or is that coming out of bonus pool...
Posted by guest, Dec 18, 2008 2:34PM
rock bottom is the biggest piece of shit bar in charlotte. might as well have a holiday party at applebee's. i want to burn rock bottom down.
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Posted by guest, Dec 18, 2008 9:37AM
that's on average, though, right?