As you may recall, over the summer, former Barclays CEO Bob Diamond resigned in disgrace after revelations that bank employees had engaged in rampant rate rigging on his watch. And while the scandal clearly had an affect on his last performance review, Bob and friends o’ Bob will be pleased to hear that it didn’t actually hurt him too badly come pay day! In addition to a couple million pounds (for half a year’s work), it was announced today that Diamond’s 2012 package also includes lodging while he’s visiting old colleagues in town, as well as a company car and driver. No need to see the guy reduced to dirtying his hands opening door or walking, when he’s already been through so much. Read more »

The Swiss are scheduled to communicate bonus numbers today. In the meantime, those working in UBS’s O’Connor fund are preemptively pissed re: the news their compensation will be structured as though they were regular old employees of the bank. What are they doing about it? Read more »

  • 05 Mar 2013 at 6:08 PM
  • bonuses

EU Bullies Gang Up on Britain to Approve Bonus Limits

The surprise camaraderie enjoyed by the U.K. in European circles, vis-à-vis the European Community’s campaign to destroy London’s status as a global financial center, has evaporated as quickly as it appeared. As if to fortify the opinion of Euroskeptics across Great Britain that the U.K.’s European partners are fey, duplicitous and centralizing all at the same time, Germany et. al. have said, “We’re happy to sign an impotent letter complaining about something we can no longer do anything about, but you can’t expect us to stand in the way of impotent populist measures directed at people who don’t live in our countries.” Read more »

  • 28 Feb 2013 at 12:15 PM
  • Banks

Bonus Watch ’14: EU Banks Will Be Mildly Inconvenienced

OH GOSH LET’S GET REAL ANGRY ABOUT THE EU BONUS CAP, which is moving forward and would limit bankers’ bonuses to 1x base salary, or 2x with shareholder approval. It is super dumb.1 England hates it, what with having a functioning banking industry and all. Bankers hate it, being bankers.2 This guy thinks it makes total sense, being a Belgian lawmaker for the Green Party:

“If I have to judge from the reaction of the [banking] industry, this will impact them. And this will also impact the overall amount of remuneration,” said Philippe Lamberts, a Belgian lawmaker for the Green Party who was one of the leading negotiators for Parliament. “I think it will really hit them.”

Feel free to vent in the comments, you’ve earned it. But this Lex column strikes me as the only worthwhile thing to say about it: Read more »

Congratulations: You’ve survived. Or, you haven’t and are still bitterly reading a Wall Street blog. No matter. The first group of you may be 1,000 members fewer this year, but you’ll be $20 billion richer by the time the last bonus checks go out. Read more »

  • 25 Feb 2013 at 2:41 PM

Bonus/Layoffs Watch ’13: UBS

Both are expected to go down shortly. Read more »

Many of which involved firing people. He did other stuff, too, but the firings stood out on compensation day. Read more »