It’s bonus day at the acronym-hating Hongkong and Shanghai Banking Corporation. According to one antsy employee, “40 days post year end seems like an awfully long time to put numbers together,” and the rumor in the ranks is that the firm “waited to see what BoA and UBS were doing to come up with their plan of attack.” This should bode well for staff hoping to be compensated in Pop Rocks (paid out over a decade, natch). For the others, our (possibly premature, unnecessary) condolences.
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
Try working for RBS. Bonuses paid first week of MARCH. 40 days would be a welcome change.
@1- this isn’t when they get paid, this is when they get the actual number.
How about paying employees with an expense paid week with Renee Stephens and Stephen Fowler…..
http://blog.stephenfowlersucks.com/
@2. @1 here. Ditto. RBS gets the number (and the payout) first week of March. Sucks.
i’m a manufacturer. what’s a bonus?
Holy Shit Bad Credit (HSBC) gives out bonuses?
Seems like rumors of being paid partly in stock is false as no one got enough pay to go over the threshold. Looks like certain US businesses that were profitable had their funds used to subsidize losing businesses as well as to contribute to closing the gap in the Global Investment Bank and Markets which has been a real loser.
Seems like rumors of being paid partly in stock is false as no one got enough pay to go over the threshold. Looks like certain US businesses that were profitable had their funds used to subsidize losing businesses as well as to contribute to closing the gap in the Global Investment Bank and Markets which has been a real loser.
db, how about compiling the bonus numbers into a set of league tables?
payday is in mar 2nd week for SocGen
@5 – I didn’t know the Chinese government allowed access to this website.
Bank is expecting a significant number of sales people and traders to depart in March.
New plan for 2009 no longer has the structured rates or structured credit component. Both businesses will be wound down. Expect EM to remain in the picture but with a downward listing for plan contribution expect staff cuts. Some EM people were advised cuts could be before the end of March.
Managers saying structured rates and structured credit no longer part of the business plan for the US. Both businesses to be wound down during 2009. EM plan scaled back but still part of the plan. However, some EM staff were told to expect firings before the end of March. Most firings to be in sales as you can’t trade with clients that the bank no longer accepts as counterparties.
RBS is going to see a mass exodus on its traditional strong desks. MBS/ABS/Rates.
RBS is going to see a mass exodus on its traditional strong desks. MBS/ABS/Rates.
Managers saying structured rates and structured credit no longer part of the business plan for the US. Both businesses to be wound down during 2009. EM plan scaled back but still part of the plan. However, some EM staff were told to expect firings before the end of March. Most firings to be in sales as you can’t do business with clients that the bank no longer accepts as counterparties.
Rumor is things are so bad at HSBC that they didn’t pay the cable bill and can’t get CNBC in the trading room. My buddy just called me to say they’ve been watching C-SPAN all day. He wanted to know what was on CNBC.
@17/18: why do you think that? they’re getting paid and it’s not like they have anyplace to go.
@17/18: why do you say that? Those desks (MBS/ABS) are former Bear guys who are lucky to have found a spot – where are they going to go?
CSPAN on the tube is no accident. All banks have been mandated by Treasury that CSPAN is the only permitted viewing on trading floors until every bank repays TARP money in full. CNBC is one of those entities that we used to know as ‘commercial’…you remember that, in the days before the Age of Socialism…
CSPAN on the tube is no accident. All banks have been mandated by Treasury that CSPAN is the only permitted viewing on trading floors until every bank repays TARP money in full. CNBC is one of those entities that we used to know as ‘commercial’…you remember that, in the days before the Age of Socialism…
CSPAN on the tube is no accident. All banks have been mandated by Treasury that CSPAN is the only permitted viewing on trading floors until every bank repays TARP money in full. CNBC is one of those entities that we used to know as ‘commercial’…you remember that, in the days before the Age of Socialism…
And, for those who haven’t checked…the CSPAN hotties are WAAAAAAAY better than the crap on CNBC
People who can leave the industry will. Some will find jobs at smaller shops where there is more of a focus on pay for production. Not a bad time if your a seasoned sales pro to walk with your book of business. Seriously, if you turn in $10M of P&L and your employer tells you here’s you bonus of $100k why not go to a smaller shop where maybe you can only write $5M of business and get paid 28% or more. It should be a no-brainer for anyone who can do the math.
Nancy Pelosi? Can you say ‘cougar’??? Long live CSPAN!!!
I would like to see the photog with the red sweater vest in the front row just sit on her. I bet you all the botox would pop out of face.
All indicators suggest that 2009 will be even worse. My predictions for the 2009 Bonus year
Stub: $0
Analyst 1 $2,000-$4,000
Analyst 2 $4,000-$6,000
Analyst 3 $6,000-$10,000
Associate 1 $10,000-$15,000
Associate 2 $15,000-$20,000
Associate 3 $20,000-$25,000
VP 1 $25,000-$50,000
VP 2 $50,000-$75,000
VP 3 $75,000-$100,000
SVP(or equiv.) $100,000-$200,000
MD $200,000-$500,000
A few superstar Senior MD’s will get a bonus in the range of $1,000,000, but that will be rare and will be reserved for global practice leaders with a substantial book.
I think 30 is right. This is only slightly worse than what people got in 2002 or 2003. and 2009 will be much worse than either yr
@ 21/22. Not talking about the newbies. The guys who actually did business before things dried up. RBS CEO on tapes exploring potential with lawyers to break contracts as well. Better opportunities exist for the seasoned individual.
@1: The tax on my HSBC bonus is what’s paying your RBS bonus, you public sector wankstain. Try getting a real goddamn job
Last year right before the bad bonus news they gave out what we called bonus wipes. It was some sort of sanitary wet-nap as management probably anticipated that the employees would literally crap in their pants when they got the 2008 numbers. This year being worse the company was not able to afford any bonus wipes and those employees who crapped themselves caused staining to rugs and seat cushions. Almost makes us fondly remember the days of bonus wipes.
You have to wonder if HSBC will ever come clean and admit that it was a mistake to buy Household and it was a mistake to try to expand into the mortgage business in a declining market. Whatever managers made those decisions should be “out-ed” in the industry and if they are still working at HSBC the company should claw back whatever funds they can from those guys.
Do you think management is taking a hit? I doubt it. Any manager of a business unit that didn’t turn a profit should see a ZERO.
Anyway, who wants former RBS or Bear guys. They are old and smelly. Most have cheese lines from where their tuopees sit on their fat heads.
Let’s see….you worked at an I.B. and ran it into the ground. Sure you would make a great employee.
Of course, the RBS CEO needs to find a way to get out of those contracts. RBS bought a bunch of over the hill bankers who don’t produce. Outside of lost leader business where is RBS making any great strides in underwriting.
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