bonus watch

  • News

    Bonus/Layoffs Watch ’12: Barclays

    The juniorest of mistmakers have received their numbers (and a little perspective).

    “Barclays first year analyst bonuses: massive range, 20k-55k. Analysts got 20k, 25k, 35k, 40k, 45k, and 55k at top. Most groups are expecting cuts within the next few months so while some people are dissatisfied, most are just happy to have jobs.”

    / Jul 31, 2012 at 3:03 PM
  • News

    Bonus Watch ’12: JPMorgan

    Li’l Dimons started receiving numbers today.

    First year analysts (base 70k):
    Bottom tier: 40k
    Middle tier: 50k
    Top tier: 55k

    Second years (base 80k):
    Middle tier: 65k
    Top tier: 70k

    / Jul 30, 2012 at 4:55 PM
  • News

    Bonus Watch ’12: RBC

    Junior mistmakers at the Royal Bank of Canada received their numbers last week.

    1st Year (Top Tier): ~$52,000
    2nd Year (Top Tier): $65,000
    3rd Year (Top Tier): $85,000

    / Jul 30, 2012 at 11:30 AM
  • News

    Bob Diamond Lieutenant Jerry Del Missier Ended Up Faring A Bit Better In The Parting Gifts Department Than The Boss

    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.

    Barclays was mired in fresh controversy on Wednesday night after handing almost £9m to a top banker who left following the Libor scandal and after one of its highest profile non-executive directors suddenly quit, taking the toll at the top to four. Jerry del Missier, who resigned after telling subordinates to reduce the bank’s Libor submission during the October 2008 banking crisis, was reported to have been handed £8.75m cash as part of his leaving package.

    Shadow Treasury minister Chris Leslie called on del Missier to follow Diamond and waive the bulk of his payoff. “Having resigned from Barclays over the Libor fixing scandal, people will find the scale of this award completely inappropriate. Bob Diamond rightly waived most of his pay off and Mr del Missier ought to do the same,” Leslie said.

    £9m leaving deal for Barclays deputy Jerry del Missier [Guardian]
    Former Top Barclays Official in Line for $13.6 Million Payout [Dealbook]

    / Jul 26, 2012 at 2:57 PM
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    News

    Bonus Watch ’12: Jefferies Wonders Aloud How Its Ass Tastes

    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 […]

    / Jul 26, 2012 at 12:30 PM
  • News

    Whistleblowing Bank Of America Quite A Bit More Lucrative Than Working For Bank Of America

    Just something to keep in mind.

    A former Countrywide Financial Corp. manager whose fraud suit contributed to the mortgage industry’s $25 billion settlement with federal and state regulators received about $14.5 million for his efforts, his lawyers said. Kyle Lagow, an appraisal manager for Countrywide from 2004 to 2008, claimed that Countrywide inflated the value of homes to support bigger loans, according to a statement today from Seattle-based law firm Hagens Berman. Charlotte, North Carolina- based Bank of America bought Countrywide in 2008 to save it from collapse as defaults on home loans soared. Lagow’s information helped prompt a $1 billion settlement of Federal Housing Administration claims announced by Bank of America in February, according to the law firm. The sum was included in the nationwide settlement reached that month.

    [Bloomberg]

    / May 29, 2012 at 6:22 PM
  • News

    MF Global Trustee Was Just Kidding About Paying Out Bonuses To Upper Echelons Of MF Global Management

    Last month, it was reported that Louis Freeh, the trustee unwinding the remains of MF Global, would be asking a judge to “approve performance-related payouts for the chief operating officer, finance chief and general counsel at MF Global,” as well as twenty other MF Global employees who stayed on after the firm bit the big one. According to one of Freeh’s advisers, the bonuses were the only way they could retain the talent necessary to deal with this thing and would actually “quite honestly save a considerable amount of the estate’s resources,” as losing the team would mean hiring a bunch of consultants who wouldn’t have the first clue about where the bodies were buried. Unfortunately for those who went out and blew the money they thought they had coming to them, Freeh wasn’t actually serious about paying bonuses.

    “It was never my intention” to pay out bonus money to executives from the firm, Freeh told members of the Senate Banking Committee at a hearing today. Freeh committed to lawmakers that he would not distribute bonus money to current or former MF Global employees…Freeh, in his prepared remarks, said his team employs 15 non-executives, most of whom were former MF Global employees, along with the senior executives. Freeh said he has considered “a retention program” for them and added that “no formal program was ever created for senior executives, nor was any motion ever filed with the court for approval in connection with any retention program for senior executives.”

    MF Global Executives Will Not Receive Bonus Money, Trustee Says [Bloomberg]

    / Apr 24, 2012 at 1:26 PM
  • News

    Bonus Watch ’12: Sixth Year Goldman Sachs CEOs

    Lloyd Blankfein’s compensation dropped 35 percent, while his in-a-mood president got a raise.

    / Apr 13, 2012 at 1:18 PM
  • brianmoynihan

    News

    Bonus Watch ’12: Third Year Bank Of America CEO’s

    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.

    Bank of America Corp., the second- biggest U.S. lender, more than quadrupled Chief Executive Officer Brian T. Moynihan’s 2011 compensation to $8.09 million. Salary was unchanged at $950,000 while his stock awards surged to $6.1 million from zero the previous year, the Charlotte, North Carolina-based lender said today in a regulatory filing. The figures conform to U.S. Securities and Exchange Commission guidelines.

    [Bloomberg]

    / Mar 28, 2012 at 5:05 PM
  • johnpaulsonposing

    Hedge Funds

    Bonus Watch ’13: Paulson And Co.

    The bad news: even if Paulson and Co. turns things around in 2012, they might not get to collect performance fees, on account of being under water due to last year’s annus fucking horribilis. The good news: John Paulson’s employee will still get paid, because that’s just the kind of guy he is.

    Paulson’s flagship fund, Advantage Plus, fell a whopping 53 percent last year – prompting an apology to investors and a media drubbing. The decline also meant that it could be years before Advantage Plus and other fallen Paulson funds are able to return to their high-water mark, or the returns level at which John Paulson and his colleagues can begin to collect a significant percentage of their annual gains as performance fees.

    In an acknowledgement of that problem, Paulson recently told some employees he would reset the firm’s internal high-water mark to zero as of Jan. 1, said the person familiar with the matter, effectively meaning that if the company’s funds are in the black for 2012, those employees can collect bonuses pegged to this year’s returns and not be dragged down by last year’s losses. Paulson will pay for those bonuses himself, this person added.

    John Paulson Lowers the Bar to Pay Employees [CNBC]
    Related: John Paulson: I’ll Get The Losses This Year, Next Year We Go Dutch?

    / Mar 27, 2012 at 4:24 PM
  • News

    Bonus Watch ’12: First Year Times Op-Ed Contributors

    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 […]

    / Mar 16, 2012 at 6:10 PM
  • News

    Bonus Watch ’12: MF Global

    The company’s top executives have apparently been a really big help post-biting the big one so this is only fair.

    / Mar 9, 2012 at 11:24 AM
  • News

    Brothel CEO Was A Pretty Nice Boss

    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 […]

    / Mar 8, 2012 at 4:42 PM
  • News

    Bonus Watch ’12: BNP Paribas

    Employees are said to be 1) not happy and 2) on to management’s games.

    / Mar 5, 2012 at 11:56 AM
  • nosoupforyou

    News

    Bonus Watch ’12: Nightmare On Wall Street

    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 […]

    / Feb 29, 2012 at 11:31 AM
  • News

    RBS Puts 10,000 Employees’ Pay On Ice

    Earlier today the Royal Bank of Scotland reported a loss of £2 billion ($3.13 billion) for last year, which CEO Stephen Hester noted was in line with the estimates he projected in his five-year turnaround plan for the bank. To that end, Hester told reporters that contrary to popular belief, his team is working quite […]

    / Feb 23, 2012 at 7:34 PM
  • brian_moynihan

    News

    Bank Of America Freezes Base Pay

    Applicable if your last name is Moynihan, first name Brian, who will also be receiving no cash bonus for last year. BofA is apparently making an “example” of Moyns as party of the bank’s attempt to get the message out that “If the company doesn’t do well, our CEO isn’t going to do as well.” […]

    / Feb 21, 2012 at 3:53 PM
  • News

    Bonus Watch ’12: UBS Asia

    S&T analysts and associates received “2500 USD equivalent” (yes, analysts and associates got the same amount)

    / Feb 15, 2012 at 10:27 AM

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