bonuses

  • 15 Sep 2014 at 2:58 PM

Sex, Shoe Bonuses For Interns NBD At UBS

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 »

  • 08 Sep 2014 at 3:17 PM
  • Banks

Bonus Allowance Watch ‘14: Europe

EU Internal Markets Commissioner Michel Barnier doesn’t care what you call them, and he doesn’t care if they’re technically legal. All he cares about is when you add up all the bonuses and allowances and gratuities and tips adult-entertainment vouchers, they stay below the line he has in mid. Read more »

Remember Deeb Salem? Goldman Sachs alum who worked at the firm as a mortgage trader for a number of years, despite numerous attempts by rivals to poach him and his self-described Michael Jordan-esque skills? Thought he was going to get paid $13 million in 2010 and told his mom to expect as much, only to be informed the number was more like $8.25 million? Sued the bank for the extra $5 million, demanding it make good on the promise he’d made to woman who’d give him life? He recently got some not great news. Read more »

  • 22 Aug 2014 at 2:25 PM

Bonus Watch ’14: Citi Mistmakers

The youngest members of the House of Corbat got a little extra something in their stocking (beach bag? man or lady satchel? giant canvas sack with a dollar sign on it?) this time around. Read more »

HSBC has given 15 of its top bankers “fixed pay allowance arrangements” worth £7.1m under a controversial new pay scheme designed to dodge tough new European Union rules on bankers’ bonuses…The awards are part of big banks’ plans to increase the basic pay of executives to sidestep tough new EU rules designed to clamp down on excessive bonuses. Banks have turned to awarding fixed pay allowances after the EU ruled to cap bonuses to 200% of salary, even if shareholders wanted to approve higher payments. The new payments are counted as fixed pay, which means banks can, with shareholder approval, pay bonuses of 200% of bankers’ collective basic pay and fixed pay allowances. The fresh money, which is not subject to clawbacks designed to retrospectively recoup bonuses in the event of any wrongdoing emerging in the future, covers the first half of the year – and bankers can look forward to further payments every three months. A fifth of the shares will vest in March 2015, with the rest locked up until 2020. [Guardian]

  • 13 Aug 2014 at 12:48 PM

Bonus Watch ’14: Evercore Junior Mistmakers

Update: These are the numbers being rumored, which people are said to be “generally pleased” with, though the official ones are not expected until later this week. Read more »

  • 31 Jul 2014 at 12:36 PM

Clawback Watch ’22: Britain’s Banks

If you’re a banker working across the pond, get your underhanded schemes out of the way now, because come 2015, they’re going to start counting against you (and will continue counting against you vis-a-vis bonuses through 2022). Read more »