If you’re inside a womb and have reached full-term by today, try and make your way to the exit before midnight tonight. Read more »
Nice try attempting to pay employees bonuses while calling them “role-based allowances,” “role-based payments,” “a little something extra for your trouble,” etc, but the European Banking Authority is on to you. Read more »
Steve Cohen Introduces Incentive Bonus For Employees Who Refrain From Insider Trading (No, Really, This Is Actually Happening)By Bess Levin
Time was, the unofficial policy at (the hedge fund formerly known as) SAC Capital was that one could earn a pretty penny come bonus season if one made the firm a ton of money, and if that money happened to be made through material non-public information well…whatyougonnado? At SAC Capital 2.0 AKA Point72 Asset Management, however, insider trading is not only frowned upon, it’s both officially and unofficially a bad idea and one that could cost you big time on payday (though one would obviously be fired before that, unless payday is the day they get caught).
But just because the company handbook has been rewritten, or Steve Cohen has held a town hall where the words “If we catch you insider trading, I’ll stick my hand down your throat and rip out your spleen” have exited his mouth, or the hedge fund’s propriety trading software has been rewired so that a cartoon Cohen pops up on the screen and says “Remember, I can make it look like an accident” before any trades are placed, doesn’t mean that people can change their ways in a day. Old habits die hard, particularly at a place where those old habits could score you 8 figures a year.
Which is presumably why* someone at Point72 came up with this: Read more »
You get nichts! Read more »
Figures from Emolument.Com, the real time pay data company, suggest that pay for young people in front office investment banking jobs increases rapidly between the ages of 25 and 30. When the investment banker salary and bonus are combined, Emolument puts average total pay for 25 year-old bankers at ‘just’ £67k ($109k). Five years later, it puts average pay for 30 year-old bankers at £196k ($320k) – an increase of 193%, or an average of £25.8k a year. If you’re a 25-year-old who works in investment banking, it clearly makes sense to hang around for another five years – at least. After 30, Emolument says average compensation in investment banking continues to increase, but at a slower rate. Between the ages of 30 and 35, the average banker experiences another 80% increase in total compensation, to £354k ($578k). Between the ages of 35 and 40, total pay increases by another 48%, to £430k ($702k). [eFinancial via Matt]
Update: A spokesperson for UBS said in a statement: “We do not comment on allegations in pending litigation other than we believe the claims against the firm to be without merit. Collins was terminated after she raised a complaint and the firm investigated the situation. We do not condone this sort of behavior.”
Like so many sexual harassment cases before this one starts out with:
- Wealth manager goes to his local bar, hits on bartender, tells her she should be working in corporate sales: “[James C.] Collins first met [Samantha] Lambui in the fall of 2012 at Katie Mc’s Bar in Huntington, NY, where she worked as a bartender, according to the suit. As a frequent customer at the bar, Collins allegedly used to visit during her shifts. ‘Their conversation developed from bartender-patron to friendly but never romantic,’ the suit states. In November 2012, Collins told Lambui of his position at UBS. He persuaded her to apply for a job at the firm, arguing that ‘she could get anyone to do anything she wanted,’ and that ‘she should be doing sales for UBS,’ the suit alleges.”
- Wealth manager claims it’s totally normal for people working in finance to receive extra bonuses in the form of shoes: “On Jan. 8, 2013, Collins described Lambui’s duties in an email. Her tasks included researching venues for client events, researching initial public offerings, emailing clients with updates on stock prices and stock research and sending newsletters regarding news in the financial markets. In the email he also stated that fashion items would be available as bonus incentives for superior work. ‘Tuesday’s [sic] and Friday’s [sic] are going to be our (and by our I mean you) [sic] day to prospect and most important days. That is the only way to get to the LB’s,’ Collins wrote in a text message to Lambui, the suit alleges. ‘LBs’ is a reference to Christian Louboutin shoes, the complaint explains.”
- Wealth manager casually mentions that the way to earn the extra shoe bonus is by having sex with him: “In mid-March that year, he sent her to New York City to interview venues for a client event. He also allegedly asked her to purchase new clothing, sending photographs of the outfits for his approval before the purchase. That night, he told her to meet him at a hotel for sex to earn the ‘bonus Louboutins’ the next day, the suit claims. She replied ‘absolutely not’ and that ‘no bonus could be worth that,’ the lawsuit claims.”
- Wealth manager explains that the sole purpose of hiring interns is so he can have sex with them, and you’re an intern, so…: “In response to sexual comments, Lambui would remind Collins of his wife, to which he allegedly responded: ‘I wish I never met my wife,’ and ‘I didn’t marry the love of my life,’ the suit claims. He also said ‘I sleep with my interns, that is the only reason to hire interns,’ the suit asserts…She resigned on June 22, 2013. Before that she allegedly received a text message from Collins that said: ‘Look I’m at the marina and my buddies just left so either u visit or the internship is over.'”
Except whereas typically an employer would respond to such allegations with a “no comment” or “we do not condone such behavior” or a “this employee is no longer with out firm and by the by, this is totally inappropriate and not the norm,” UBS went with this: Read more »