bonuses

  • 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 »

  • 02 Sep 2014 at 1:06 PM

Allowance Watch ’14: Citigroup

The Financial Times reports that Citi senior staff in Europe have received letters that essentially read:

To whom it may concern:

Please enjoy this extra money we’ll be depositing into your account each month, which is in no way, shape, or form to be construed as a bonus. Nod if you understand what we’re saying.

Best,
Citi 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 »

If you’re an interest-rate trader, this year’s bonus will be getting to keep your job. Read more »