As many of you well know, a time-honored tradition on Wall Street is complaining about the size of one’s bonus. It’s a ritual that financial services employees look forward to their whole year and occurs not only in bad times but in good. So cherished is the annual bitching o’ bonuses that even if one is paid an extremely handsome sum, to find out the guy or girl sitting them received $10 or $20 dollars more is to trigger a response that involves angry typing to a colleague about the injustice and a hissy-fit of impotent rage punctuated with threats of considering options elsewhere. According to Lloyd Blankfein, though, Goldman Sachs employees are different and recognize that if they have to make a little less money here and there, it’s for a greater good. Read more »
Attention London-Based Financial Services Employees: The Season For F*cking Up With No Repercussions Is Nearly Upon UsBy Bess Levin
Been thinking about TP’ing your CEO’s house? Or placing a massive trade that, let’s be honest, probably won’t work out and will ultimately cost the firm billions? Or taking the keys to your boss’s vintage Ferrari and driving some colleagues uptown for a joy ride, and when confronted about, claim you thought the office had a “what’s mine is yours” policy? Or dressing up as his wife for Halloween? Thanks to a new compensation plan being considered by London bank, now you can? Read more »
That $11-ish billion legal tab will probably leave a mark on payday. Read more »
According to Bloomberg, SAC Capital announced today that it will be leaving a little extra in everyone’s stocking next year.
SAC Capital Advisors LP, the hedge-fund firm that’s facing federal insider-trading charges and a money-laundering lawsuit, is raising 2014 bonuses for its portfolio managers by 3.5 percentage points to help retain employees, a person with knowledge of the decision. The increase, announced to employees in meetings today, will be paid to equity, macroeconomic and quantitative-trading portfolio managers, said the person, who asked not to be identified because the discussions are private. SAC portfolio managers are typically paid an annual bonus of 15 percent to 25 percent of the profits they generate from their investments…SAC told employees today that it will guarantee a minimum compensation of $300,000 for its equity analysts for next year, the person said. A spokesman for the Stamford, Connecticut-based firm declined to comment.
SAC has long been known for paying extremely competitively, so nothing about this should be too shocking; the Big Guy figured out a long time ago that you gotta spend money to make money. Still, that it comes on the heels of reports employees are holding covert interviews with other hedge funds at various rest stops off of 95 suggests there may be some minor element of desperation to keep people happy. And maybe that SC is one analyst departure away from barricading the doors of the firm, dimming the lights, and using the words of others to make his case when his own fail him. Read more »
You could be getting paid (or not paid) by Europe. Read more »
That’s what some report says now but seeing as how we’ve got about six months to go, that’s all subject to change/don’t get your hopes up/maybe your take home will quadruple/maybe you won’t get a bonus at all/etc. Read more »