Tags: bonus watch, bonuses, SAC Capital, so that's nice
According to Bloomberg, SAC Capital announced today that it will be leaving a little extra in everyone’s stocking next year.
SAC Capital Advisors LP, the hedge-fund firm that’s facing federal insider-trading charges and a money-laundering lawsuit, is raising 2014 bonuses for its portfolio managers by 3.5 percentage points to help retain employees, a person with knowledge of the decision. The increase, announced to employees in meetings today, will be paid to equity, macroeconomic and quantitative-trading portfolio managers, said the person, who asked not to be identified because the discussions are private. SAC portfolio managers are typically paid an annual bonus of 15 percent to 25 percent of the profits they generate from their investments…SAC told employees today that it will guarantee a minimum compensation of $300,000 for its equity analysts for next year, the person said. A spokesman for the Stamford, Connecticut-based firm declined to comment.
SAC has long been known for paying extremely competitively, so nothing about this should be too shocking; the Big Guy figured out a long time ago that you gotta spend money to make money. Still, that it comes on the heels of reports employees are holding covert interviews with other hedge funds at various rest stops off of 95 suggests there may be some minor element of desperation to keep people happy. And maybe that SC is one analyst departure away from barricading the doors of the firm, dimming the lights, and using the words of others to make his case when his own fail him. Read more »
Tags: "breathe Paulson breathe", bonuses, financial crisis, former Treasury Secretaries, Hank Paulson
What did then-Treasury Secretary Hank Paulson think of the big bonuses banks paid out circa the financial crisis? While he didn’t say anything at the time, apparently the only thing standing between said banks and HP’s fists was the fact that Paulson was able to successfully talk himself out of going down there* and showing everyone how he earned the nickname “Dirty Thunder” back at Dartmouth. After holding his tongue for five years, Paulson finally decided to open up and tell Andrew Ross Sorkin how he really feels. Read more »
Tags: bonus watch, bonuses, deferrals, so that's something
You could be getting paid (or not paid) by Europe. Read more »
Tags: bonus watch, bonuses, Have a great day
That’s what some report says now but seeing as how we’ve got about six months to go, that’s all subject to change/don’t get your hopes up/maybe your take home will quadruple/maybe you won’t get a bonus at all/etc. Read more »
Tags: Bank of America, Bed Bath & Beyond, bonuses, gift cards, Lawsuits, Target
Bank of America Corp., the second-biggest U.S. lender, rewarded staff with cash bonuses and gift cards for meeting quotas tied to sending distressed homeowners into foreclosure, former employees said in court documents. Mortgage workers falsified records and were told to delay U.S. loan-assistance applications by requesting paperwork that the Charlotte, North Carolina-based bank had already received, according to statements from ex-employees filed last week in federal court in Boston. The lender improperly disqualified applicants to the Home Affordable Modification Program, or HAMP, according to a May 23 statement from Simone Gordon, a loss-mitigation specialist who left the company in 2012…Loan collectors who put at least 10 customers into foreclosure, including those who were in trial modifications, were given a $500 bonus, said Gordon, who worked at Bank of America for more than four years. Other rewards included gift cards for retailers including Target and Bed, Bath and Beyond, she said. [Bloomberg]
Tags: bonus caps, bonuses, risk-takers
The other half are prepared to inform people them’s the breaks. Read more »