• 23 Feb 2009 at 11:34 AM

Bonus Watch ’09: HSBC

By Equity Private

Regarding speculation that the Hongkong and Shanghai Banking Corporation would be taking a page from Bank of America and UBS’s playabooks, re: bonuses, it seems as though acronym haters were indeed inspired to compensate employees in Pop Rocks. But they’re (presumably) not doing so over a period of ten years so, that’s something! The breakdown was supposedly as follows:

FX: 60-75% down from last year (even though made over budget)
Metals: same as FX, including beating budget
Structured Equity: 75-90% down from last year
Structured Funds: Zero bonus globally (London, HK and NY)
Global Head of Markets, Samir Assaf, apparently receiving bonus (!) even though Global Markets lost billions in 2008 due to on-going mortgage losses and a billion on Madoff.

Comments (10)

  1. 1
    Posted by guest | February 23, 2009 at 11:48 AM

    @1
    unfortunately not every rap/finance combination turns out to be hilarious. or even remotely funny, for that matter.

  2. 2
    Posted by guest | February 23, 2009 at 12:32 PM

    @1
    Unfortunately, removing comments makes you sound weird.

  3. 3
    Posted by guest | February 23, 2009 at 1:06 PM

    ?

  4. 4
    Posted by guest | February 23, 2009 at 1:07 PM

    ?

  5. 5
    Posted by guest | February 23, 2009 at 3:11 PM

    actually the structured funds group no longer exists (for quite some time now). however, the investments, access, and solutions group (IASG) did QUITE well in 2008.

  6. 6
    Posted by guest | February 26, 2009 at 5:27 PM

    It sounds like the losses from SFG exist though. Nice trick to create a “new” group so no one has to be responsible for the loss. I wonder if anyone in particular got their head handed to them for the SFG loss?

  7. 7
    Posted by guest | February 26, 2009 at 5:27 PM

    It sounds like the losses from SFG exist though. Nice trick to create a “new” group so no one has to be responsible for the loss. I wonder if anyone in particular got their head handed to them for the SFG loss?

  8. 8
    Posted by guest | February 26, 2009 at 5:28 PM

    It sounds like the losses from SFG exist though. Nice trick to create a “new” group so no one has to be responsible for the loss. I wonder if anyone in particular got their head handed to them for the SFG loss?

  9. 9
    Posted by guest | February 26, 2009 at 5:32 PM

    It sounds like the losses from SFG exist though. A billion $ loss is hard to igore. Maybe if one squints their eyes they can make the number disappear. Nice trick to create a “new” group so no one has to be responsible for the loss. I wonder if anyone in particular got their head handed to them for the SFG loss?
    Besides, didn’t hey used to have a group call IAG, very similar to IASG, that got canned some 5 years ago? Let’s ceate the same group again… Yeahhhh…

  10. 10
    Posted by guest | February 26, 2009 at 5:36 PM

    Tech prb. Sorry for multiple posts.

Leave a comment

You can log in with your account or comment as a guest below.

   or