Bonus Watch '13: Jefferies

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Last year, a li'l investment bank that could called Jefferies paid out bonuses comprised entirely of cash. This proved pretty popular, so this year, CEO Dick Handler has decided to do it again.

The boutique investment bank is going to pay bonuses in cash again this year, according to two people familiar with the situation. Neither would say whether bonuses for 2013 would be up or down on last year, but the bank Tuesday reported “exceptional quarterly performance in our investment banking business,” with revenues up 47% in the three months to November 30 from the previous year.

Jefferies Continues with Cash Bonuses [MoneyBeat]
Earlier: Bonus Watch ’12: Jefferies Has Got Your Cold Hard Cash Right Here

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Bonus Watch '12: Jefferies Has Got Your Cold Hard Cash Right Here

Back in the day, as in pre-crisis, bonus season on Wall Street was a happy time. Sure, you still had your miserable pricks who would bitch and moan about the fact that they hadn't gotten as much as the guy who sat next to them, even they the guy who sat next to them was a "non-contributing zero who wouldn't recognize alpha if it bit him in the ass," but prior to to fall 2008, anyone who was unhappy about his or her bonus was a) quibbling over receiving a huge sum of money instead of an imperial fuck-ton of money and b) in a position to actually make good on a threat to jump ship, since firms were hiring. Now, with a few exceptions, bonus season makes people feel sad. Angry. Impotent. Like the world is out to get them. Not only has the total amount of one's bonus come down, but many companies have decreased the cash portion, while increasing the deferral period on stock to, in some cases, almost half a decade. Then you have Jefferies. Last year it let employees decide between an all stock bonus or an all cash bonus with 25% lopped off.  This year the investment bank-cum-butcher shop isn't even forcing anyone to choose, instead dumping a bag of cash on everyone's desk and reminding them who loves 'em.

Bonus Watch '13: UBS

Not everyone received a package that resulted in a nice long cry. Andrea Orcel, for example, did pretty okay for himself.