UBS investment bankers yesterday learned that their bonus pool would be down by 60%, and that anyone inclined to grumble to division head Carsten Kengeter should be aware that (1) he would have none of it and (2) he himself was taking a bonus of zero, so see point (1). Rank-and-file bankers were perhaps a mite peeved, but they learned today that they have nothing to complain about compared to their formerly better-compensated elders, for whom “down 60%” or “zero bonus” would be an absolute joy when the reality is more like this: Continue reading »
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Bonus Watch ’12: UBS Investment Bankers Thought Zero Was The Minimum Bonus? They Thought Wrong
By Matt Levine-
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bonuses
Bonus Watch ’11: UBS Might Not Be Paying Out Bonuses In The Traditional Sense Of The Word
By Bess Levin
Will you be thanked for your hard, non-rogue-esque work over the year? Probably. Will you receive any actual money? Probably not. Continue reading »
People don’t actually do this stuff to feel alive. Continue reading »
Great News For Anyone Looking To Stick It To Former Spouse Years After Divorce (Provided You Invested With Madoff)
By Bess Levin
A New York lawyer who said he paid his ex-wife $2.7 million of the purported value of his account with Bernard Madoff can sue her to revise their 2006 agreement because of Madoff’s Ponzi scheme, an appeals court ruled. [Bloomberg]
To: Group Internal Communications
Sent: 02/04/2010 04:15 AM
Subject: Compensation
The German follows the English text / Die deutsche Übersetzung folgt im Anschluss
Dear Colleagues
Our industry is still facing tremendous public debate in the aftermath of the disruptions caused by the financial crisis, particularly in regard to compensation principles, bonus payments, banking taxation and both the current and future regulatory landscape.
Against this backdrop, we at Deutsche Bank have been engaging with politicians and regulators in public and private. On the specifics of compensation, we were early endorsers of the G20 Finance Ministers / FSB principles on compensation and announced that we would apply them, where we were not already doing so, to the 2009 compensation cycle. Thus, we are positioned as an industry leader and among a set of internationally successful banks who responsibly endorse the long term sustainability of their businesses and the industry.
Today we want to communicate the key elements of our compensation structure. These are:
* We will continue to pay our people competitively based on business performance, adjusted for capital and risk.
* A significant proportion of compensation will, where applicable, be deferred. Deferred compensation will be a combination of restricted equity awards (75%) and restricted incentive awards (25%).
* The restricted equity award will vest in nine equal instalments over 3¾ years, while the restricted incentive award will vest in three equal instalments over three years.
* All restricted equity and restricted incentive awards will continue to be subject to claw-back in the case of policy/regulatory breach.
* All restricted incentive awards will be subject to claw-back in the event of significant financial impairment.
