The bad news is that former Barclays chief operating officer Jerry del Missier is still out of a job and it may be some time before he gets a new one, on account of “investigations conducted by American and British authorities [demonstrating] he was a central figure” in the scandal du jour and “asked other bank officials to lower the firm’s submissions to Libor.” The good news is that Jer is still (probably) getting paid, unlike some people he knows. Read more »
bonus watch
Jefferies set aside $870 million in the first six months of its fiscal year, enough to pay its 3,809 employees an average of $228,407. Goldman Sachs set aside $225,789 for each of its 32,300 workers. Average pay for the 26,553 people in JPMorgan’s investment bank was $184,989, or at least 18 percent less than Jefferies’s and Goldman Sachs’s reported figures. It was 10 percent less than both in fiscal 2011…Goldman Sachs, run by Chief Executive Officer Lloyd C. Blankfein, 57, includes consultants and temporary staff when reporting headcount. Jefferies, which has been luring talent from larger rivals to expand in the wake of 2008’s credit crisis, tallies only full-time workers in its disclosures. Jefferies’s reported headcount would expand by 10 percent to 15 percent if the firm included temporary workers, said a person with direct knowledge of the figures who requested anonymity because the information isn’t public. While that would place the firm’s average pay per employee below Goldman Sachs’s, it still exceeds JPMorgan’s and Morgan Stanley’s. [Bloomberg]
Whistleblowing Bank Of America Quite A Bit More Lucrative Than Working For Bank Of America
By Bess LevinJust something to keep in mind. Read more »
Lloyd Blankfein’s compensation dropped 35 percent, while his in-a-mood president got a raise. Read more »
After a year of layoffs, topless hecklers, people who won’t stop yelling at him, jokes that sting, and continuing to “reap the benefits of what Countrywide sowed,” things are looking up for Brian Moynihan. Read more »
The bad news: even if Paulson and Co. turns things around in 2012, they might not get to collect performance fees, on account of potentially still being under water due* to last year’s annus fucking horribilis. The good news: John Paulson’s employees will still get paid, because that’s just the kind of guy he is. Read more »
The New York Times, drawing criticism for running an op-ed by a former Goldman Sachs executive attacking the bank, said the piece was one of thousands of unsolicited submissions it receives weekly. “We got it by e-mail,” New York Times editorial page editor Andrew Rosenthal said in a telephone interview. Smith was paid about $150 for his submission, a typical amount, said a person with direct knowledge of the situation who declined to be identified because the information isn’t public. The newspaper pays varying amounts for its op-eds, except to public figures or politicians, the person said. Wall Street, including Morgan Stanley Chief Executive Officer James Gorman, has faulted the newspaper for publishing an op-ed piece based on the view of one among more than 30,000 Goldman Sachs employees. All the facts that could be checked were checked in Smith’s submission, Rosenthal said. “The purpose of the op-ed page is to air an important position,” Rosenthal said. “We’re saying, ‘This is interesting,’ and by the way, ‘interesting,’ very often means it’ll make you crazy.” [Bloomberg]
The company’s top executives have apparently been a really big help post-biting the big one so this is only fair. Read more »
Gristina reportedly ran a top-shelf operation, carefully choosing her stable of women and screening potential clients…the married mother of four took just a 40% cut of her employees’ billings during her 15 years in business — well below the industry standard 50-50 split with working girls, say sources. The madam’s generosity was one of the things that escort Lizzie most appreciated from her 44-year-old boss. [NYDN, Earlier: I'm a CEO, I'm building an empire]
Employees are said to be 1) not happy and 2) on to management’s games. Read more »
At Bloomberg today you will find a piece that is a bit hard to stomach if you’re the type of person whose heart goes out to the suffering. A bunch of financial services employees’ bonuses were slashed last year and, as a result, their lives have been turned upside down. Perhaps recalling how well their colleagues came off in Bloomberg’s first piece in what is apparently a series on bankers who are down, out, and willing to talk on the record, these people thought it wise to turn to reporter Max Abelson to tell their tale.
First, there’s Andrew Schiff, director of marketing for Euro Pacific Capital. Schiff has almost too many woes to mention but they include having to scale back his Connecticut summer house rental from four months to one; facing the pressure of paying private school tuition for two kids; living in a “crammed” 1,200-square- foot Brooklyn duplex (Schiff and his wife were planning to buy a $1.5 million brownstone nearby but now, who knows); and traffic (“Schiff was sitting in a traffic jam in California this month after giving a speech at an investment conference about gold. He turned off the satellite radio, got out of the car and screamed a profanity. ‘I’m not Zen at all, and when I’m freaking out about the situation, where I’m stuck like a rat in a trap on a highway with no way to get out, it’s very hard,’ he said”).
Then there’s Cobble Hill resident Daniel Arbeeny, a headhunter whose “income has gone down tremendously” and now must buy discounted salmon at Fairway and “read supermarket circulars to find good prices for his favorite cereal, Wheat Chex,” which is one step from giving out hand jobs under the Brooklyn bridge to make ends meet. Hedge fund manager Richard Scheiner had to sell two motorcycles (though because he actually saved some money, Zelda the labradoodle and Duke the bichon frise still get to live the lifestyle they’ve grown accustomed to at $17,000/year). Michael Sonnenfeldt’s friends are suffering from “malaise and a paralysis that does not allow [them] to believe that generally things are going to get better.” M. Todd Henderson feels sick (“Yes, terminal diseases are worse than getting the flu,” he said. “But you suffer when you get the flu”).
All traumatic experiences to be sure. And yet none come close to that of Hans, whose harrowing story should serve as a cautionary tale to all. Read more »
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