Richard Handler, chief executive officer of Jefferies Group LLC, turned down a cash bonus for 2014 after the investment bank fell short of performance targets and its parent company’s stock slid. While Handler, who also serves as CEO of the parent, Leucadia National Corp., was eligible for a $2.2 million bonus, he recommended to the compensation committee that the payout be withheld, Leucadia said Wednesday in a regulatory filing without specifying the reason for his decision. His long-term stock award also was reduced after the bank’s profits fell short of performance goals, according to the filing...Brian Friedman, Leucadia’s president and the chairman of Jefferies, also told the board of directors not to give him a cash bonus for 2014, according to the filing.
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.