“Deutsche bonus structure for Associates-Directors was revealed today:
*Up to eur50, all cash.
*Eur50-100, 70% deferred. Yes…
*Eur100+, 85% deferred.”
They’re willing to entertain an offer. Read more »
As you may have heard, the last 6 to 12 to 36 months months have been somewhat trying for UBS investment bank chief Carsten Kengeter. Profits haven’t been exactly what he’d hoped for, the people of Stamford have (more or less) vowed to beat him with a sack of reeds should the Swiss so much as entertain the idea of leaving Connecticut, employees won’t stop jumping down his throat for one second about getting paid, there was the somewhat unfortunate matter of a $2 billion fraud coming to light, no one will give his team credit for their legitimate months and, to top it all off, it looks like he might not get that promotion he’s been gunning for and was hinted he was in the running for in his last annual review. Most recently, he’s been tasked with firing a whole bunch of employees, a sore point for those not thrilled about potentially loosing their jobs or seeing their colleagues let go. And so, despite all the stress he’s been going through, despite the higher-ups in Zurich riding him like Zorro, and despite things really not going his way, Kengeter dug deep and summoned the troops for a morale boosting session, the message of which he thought would’ve been a big hit. Read more »
UBS invites you to get linguistic. Read more »
The bank isn’t hiring anyone at the moment and current CEO Oswald Gruebel has said he’s not leaving anytime soon but, naturally, they’d like to be prepared when the moment comes. Would you or someone you know be the right person for the job? Prerequisites for the gig include “the charisma to run a place like UBS” and being any nationality but German. Read more »
Anshu Jain is the head of Deutsche Bank’s Corporate & Investment Bank, sits on the management committee and oversees operations that produce upwards of 90 percent of the firm’s profits in any given quarter. He’s considered a “star” at DB and among those who follow his work and with CEO Josef Ackermann’s contract expiring in 2013, many believe AJ should be named the successor. According to portfolio manager (and shareholder) Lutz Roehmeyer, “Mr. Jain deserves to run Deutsche Bank” and if you ask BlackRock’s Larry Fink, he’ll tell you “Anshu has done a fantastic job…He would make a very good chief executive at Deutsche.” Unfortunately, there are a few problems, not the least of them being Germany’s need to examine its motives.
“In Germany, no one can imagine an Indian working in London who does not speak German being the C.E.O. of Deutsche Bank,” said Roehmeyer.
There’s also the matter of Ackermann seeing it as “his legacy to crown a successor in his own statesman-like mold — perhaps Axel A. Weber, the recently departed head of the German central bank” and the board being “wary of choosing a bond and derivatives technician at a time when the practices of all major banks are still being scrutinized.” Regardless, this is his time, this is his moment, and this is going to happen for AJ. Read more »
At a certain level workers and customers can “no longer be rewarded with money,” another industry insider says. But incentives outside the ordinary pay raise or bonus are not simply a question of hierarchy, event specialist Eisner says. The likelihood of such perks is higher for certain roles…Sexual incentives are a special cementing agent, and thus particularly interesting from a managerial perspective…Meanwhile corporate orgies have grown in popularity. There are agencies that specialize in organizing events similar to the Mannheimer International sex party in Budapest. [Spiegel via BI, earlier]