News

Surprisingly Sweet Bonuses Still Aren’t High Enough For Some Lawyers

[credit provider=”Dialog International” url=”http://www.dialoginternational.com/dialog_international/2008/09/the-weimar-econ.html”] In such a struggling industry, you might think any Biglaw bonuses would be cause for celebration.Especially if those bonuses match the industry standard.
Surprisingly Sweet Bonuses Still Aren’t High Enough For Some Lawyers
News

Lawyers Are Furious After Learning They Will Receive Bonuses AFTER The 2013 Tax Hike

[credit provider=”Ben King | armour Down” url=”http://armordown.blogspot.com/2012/05/take-break-before-you-are-dead-hooah.html”] When prominent Biglaw firm Weil Gotshal announced it wouldn’t pay out employee bonuses until January 2013, associates immediately accused the firm’s leadership of trying to screw them come tax season.A tax hike is expected to go into effect next year, meaning Americans should […]
Lawyers Are Furious After Learning They Will Receive Bonuses AFTER The 2013 Tax Hike
News

Ex-Supreme Court Clerks Are Getting These Jaw-Dropping Signing Bonuses

[credit provider=”Flickr/WaltStoneburner” url=”http://www.flickr.com/photos/waltstoneburner/2598412775/”] Their former bosses might only rake in between $200,000 and $225,000, but former Supreme Court clerks are rolling in the dough when they leave public service for life in the private sector.Law clerks from the Supreme Court’s last term are being welcomed into BigLaw firms with signing […]
Ex-Supreme Court Clerks Are Getting These Jaw-Dropping Signing Bonuses
Strategy

The Top Reason Everyone Quits Their Job Is Because Of Low Pay

[credit provider=”lilszeto via flickr ” url=”http://www.flickr.com/photos/mszeto/3282517760/in/photostream”] In recent years, companies have had trouble retaining employees — especially the Gen Y workers who are more apt to move from one opportunity to the next. Now we know why.
The Top Reason Everyone Quits Their Job Is Because Of Low Pay
Strategy

These Pay Practices Encourage Executives To Manipulate Numbers

[credit provider=”USDAgov | Flickr” url=”http://www.flickr.com/photos/usdagov/6893084545/”] Performance pay is intended to keep executive action in line with the desires of a company’s shareholders.  However, a new working paper from the Harvard Business School’s Felix Oberholzer-Gee and Julie Wulf contends that certain pay practices can actually lead to earnings manipulation and dishonesty.
These Pay Practices Encourage Executives To Manipulate Numbers
Markets

If It’s Your First Year At Merrill, This Is How Much Your Bonus Will Be

[credit provider=”AP” url=”http://www.apimages.com/OneUp.aspx?st=k&kw=bank%20of%20america&showact=results&sort=relevance&intv=None&sh=10&kwstyle=and&adte=1316704137&pagez=60&cfasstyle=AND&rids=b4429985e4b94140a4e89527767cd0ab&dbm=PY2009&page=1&xslt=1&mediatype=Photo”] Bank of America Merrill Lynch first-year analysts can look forward to a nice paycheck at the end of August, even if it is lower than in the past.Sources with knowledge of compensation for the first year analyst class of 2011 said bonuses ranged from $25,000 to $60,000, […]
If It’s Your First Year At Merrill, This Is How Much Your Bonus Will Be
News

Dewey’s Executive Director Scored A $600K Bonus Three Months Before The Firm’s Collapse

[credit provider=”Getty Images” url=”http://www.gettyimages.com/Search/Search.aspx?contractUrl=2&language=en-US&family=editorial&p=dewey+and+leboeuf&assetType=image&subuid=7319317″] Now that the once-powerful law firm Dewey & LeBoeuf is bankrupt, we’re learning details on exactly how much its top managers earned as they steered the firm toward certain destruction.In its last year, Dewey paid its executive director Stephen DiCarmine and its chief financial officer Joel […]
Dewey’s Executive Director Scored A $600K Bonus Three Months Before The Firm’s Collapse
Strategy

Lenovo’s CEO Gives His $3M Bonus Away To Employees

[credit provider=”World Economic Forum via flickr” url=”http://www.flickr.com/photos/worldeconomicforum/2893924013/in/photostream/”] It’s not uncommon that executives can sometimes make more money with their bonuses than they do their salaries.When the CEO of Lenovo (a top China-based PC maker), Yang Yuanqing, received an additional $3 million bonus as a result of the company’s impressive fiscal year earnings, […]
Lenovo’s CEO Gives His $3M Bonus Away To Employees
Markets

Peter Schiff’s Brother, Who Said His $350K Salary Isn’t Enough, Just Bought A $1.23 Million Condo

[credit provider=”Russia Today screengrab” url=”http://www.youtube.com/watch?v=Q0Q99obH5Qc”] Andrew Schiff, who works for broker-dealer Euro Pacific Capital and is the brother of Peter Schiff (the firm’s founder), has finally had his dream of owning a bigger apartment with a dishwasher come true just months after complaining his $350,000 salary wasn’t enough for his New York lifestyle, […]
Peter Schiff’s Brother, Who Said His $350K Salary Isn’t Enough, Just Bought A $1.23 Million Condo
News

Paltry $30,000 Bonus Could Kill Lawyers’ Morale: BigLaw Associate

[credit provider=”Flickr/deltaMike” url=”http://www.flickr.com/photos/deltamike/1626425847/”] Times are still kind of tight for lawyers, but big dogs Quinn Emanuel, Sullivan & Cromwell and Cahill Gordon are actually paying out mid-year bonuses.The reactions are mixed at the firms, with associates at Quinn Emanuel — a major corporate litigation firm — complaining about the amount […]
Paltry $30,000 Bonus Could Kill Lawyers’ Morale: BigLaw Associate
Markets

REPORT: JPMorgan To Show $5 Billion ‘Whale’ Loss, And Will Claw Back Money From Departed Execs

[credit provider=”CNN Money via JPMorgan Chase” url=”http://money.cnn.com/galleries/2011/fortune/1109/gallery.highest_paid_women.fortune/8.html”] JPMorgan reports earnings on Friday, and all attention will be paid to what, if any, new details there are from the London Whale losses reporter in the quarter.Monica Langley and Dan Fitzpatrick at WSJ have what sound like the definitive details.
REPORT: JPMorgan To Show $5 Billion ‘Whale’ Loss, And Will Claw Back Money From Departed Execs
Markets

90% Bonus Tax Fear and Loathing At Merrill Lynch

A few days ago brokers at Merrill Lynch were saying a quiet thanks that public attention had turned to the bonuses at AIG, taking focus away from the bonuses that had been paid at their firm last December. “Their pain is our gain,” one Merrill vet told me. In the […]
90% Bonus Tax Fear and Loathing At Merrill Lynch
News

Merrill Brokers Outside U.S. Pissed About Small BofA Retention Bonuses

Just days after Merrill and BofA shareholders confirmed a merger between the two banks, Merrill’s global wealth advisers are reportedly miffed that their U.S. bretheren are getting larger retention bonuses. As we said months ago when U.S. brokers were squawking about this, you should be thankful you’re getting any bonus.
Merrill Brokers Outside U.S. Pissed About Small BofA Retention Bonuses
Markets

AIG’s Tone Deafness

Brian Montopoli of CBS’s Econwatch says we shouldn’t be shedding any tears for Jake DeSantis, the AIG guy whose resignation letter ran in the New York Times today.
AIG’s Tone Deafness
Markets

AIG: We Put Out The Fire In The French Bank

AIG just released a statement explaining that the two executives who resigned from its French bank will remain in their roles until an orderly transition to new senior managemers can be undertaken. That presumably means one that doesn’t involve French banking regulators appointing officers, triggering CDS defaults and hammering European […]
AIG: We Put Out The Fire In The French Bank
Markets

Let’s Claw Back Pay For Boring Movies

A partner at the law firm Cadwalader yesterday issued a very unique client memo titled “2 Ideas In One Memo.” Tongue placed firmly in cheek, attorney Steven Lofchie describes a tax reform that would make it possible to clawback excess compensation from anyone we don’t like.
Let’s Claw Back Pay For Boring Movies
Markets

This Has To Be The Craziest Bank Sign-Up Bonus We’ve Ever Seen

[credit provider=”Flickr via shanes_stuff” url=”http://www.flickr.com/photos/shanes_stuff/5483381568/in/photostream/”] Banks have upped their signup bonus game to attract better customers, but this offer from Florida’s C1 Bank takes the cake. The bank is giving away one of four Mercedes Benz roadsters to new customers flush enough to open a $1 million five-year CD. 
This Has To Be The Craziest Bank Sign-Up Bonus We’ve Ever Seen
Markets

Bankrupt Kodak Wants To Give 300 Execs $13.5 Million In Bonuses

[credit provider=”Wikimedia Commons” url=”http://www.flickr.com/people/[email protected]″] BUFFALO, N.Y. (AP) — Eastman Kodak Co. is seeking permission to pay about 300 executives and other employees a total of $13.5 million in bonuses to persuade them to stay with the company as it reorganizes under bankruptcy protection.The Rochester-based photography company said the targeted employees have knowledge […]
Bankrupt Kodak Wants To Give 300 Execs $13.5 Million In Bonuses
Strategy

Companies Are Letting Co-Workers Decide Each Others’ Bonuses

[credit provider=”adactio” url=”http://www.flickr.com/photos/adactio/4542035184/”] Some cutting-edge companies are experimenting with a new bonus model, says Rachel Silverman atThe Wall Street Journal, in which your year-end windfall is decided not by your boss, but by those who perhaps know your work best: Your co-workers.In the case of San Francisco-based Coffee & Power, employees […]
Companies Are Letting Co-Workers Decide Each Others’ Bonuses
News

The Story Behind London’s Addiction To Big Banking Bonuses

[credit provider=”Wikimedia” url=”http://upload.wikimedia.org/wikipedia/commons/1/1f/Corpoflondon.jpg”] When Royal Bank of Scotland (RBS) boss Stephen Hester waived his £963,000 bonus in January this year, he wrote a candid letter to his staff revealing the motive behind his decision. Hester confessed to workers at the largely state-owned bank that press coverage “had been discomforting to […]
The Story Behind London’s Addiction To Big Banking Bonuses
Markets

Here’s Why MF Global Execs Could Still Get A Bigger Bonus Than You

[credit provider=”Lisa Du, Business Insider with AP”] The COO, CFO and general counsel of MF Global are expected to receive performance-related payouts under a bankruptcy plan submitted by the failed investment fund’s trustee, the Wall Street Journal’s Aaron Lucchetti and Mike Spector report.The bonuses for Brian Abelow, Henri Steenkamp and […]
Here’s Why MF Global Execs Could Still Get A Bigger Bonus Than You
Markets

Peter Schiff’s Brother Says Living On $350,000 A Year Isn’t Enough

[credit provider=”Daniel Goodman / Business Insider”] Andrew Schiff, the director of marketing for brokerage Euro Pacific Capital, is the highlight of today’s Bloomberg story on how bankers are dealing with the after-effects of receiving lower bonuses.Despite not really even being a banker—he’s the director of marketing—Schiff doesn’t hesitate to complain […]
Peter Schiff’s Brother Says Living On $350,000 A Year Isn’t Enough
Markets

The Official 2011 Wall Street Bonus Estimates Are Out

[credit provider=”Andrew Burton” url=”http://www.andrewburtonphoto.com/”] Total cash bonuses for Wall Street firms are expected to decline 14 per cent to $19.7 billion for 2011, according to a report from New York State Comptroller Thomas DiNapoli. Average cash bonuses declined 13 per cent to $121,150 in 2011. The average bonus declined slightly less […]
The Official 2011 Wall Street Bonus Estimates Are Out
News

A Bankruptcy Judge Has Approved The Solyndra Bonuses

[credit provider=”AP”] WILMINGTON, Delaware (AP) — A bankruptcy judge has approved close to $370,000 in bonuses for certain employees of Solyndra LLC, a solar panel manufacturer that received a half-billion dollar loan from the federal government before declaring bankruptcy.Solyndra, based in Fremont, California, wanted to award bonuses of up to […]
A Bankruptcy Judge Has Approved The Solyndra Bonuses
Markets

SocGen And BNP Paribas Are Slicing Bonuses In Half

[credit provider=”Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:Le_nouveau_b%C3%A2timent_de_la_Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale,_dans_le_Nouveau_Belgrade.jpg”] Société Générale is cutting bonuses for traders in the firm’s banking division 44% in a reckoning for a 39 per cent fall on year-over-year profits.The Telegraph’s Harry Wilson reports SocGen chief Frédéric Oudéa attempted to soften the blow by saying a similar fate is befalling bankers […]
SocGen And BNP Paribas Are Slicing Bonuses In Half
Markets

UBS To Clawback Investment Banker Bonuses 50%

[credit provider=”Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:%27Occupy_Paradeplatz%27_Z%C3%BCrich_2011-10-22_14-44-56.jpg”] Thanks to a trading scandal that put its investment banking unit deep into the red, UBS announced today it would clawback by 50% bonuses for its most successful investment bankers, the Wall Street Journal’s Deborah Ball reports.It is one of the largest clawbacks ever reported, she […]
UBS To Clawback Investment Banker Bonuses 50%
Markets

RBS CEO Turns Down His $1.5 Million Bonus Amid Outrage From Almost Everyone In The UK

[credit provider=”ell brown / Flickr” url=”http://www.flickr.com/photos/ell-r-brown/5673949720/”] LONDON (AP) — Royal Bank of Scotland chief executive Stephen Hester will not be accepting a 1 million pound ($1.5 million) bonus that drew criticism from British public and politicians, the bank said Sunday.Spokesman David Gaffney said Hester would not receive the bonus of […]
RBS CEO Turns Down His $1.5 Million Bonus Amid Outrage From Almost Everyone In The UK
Markets

SHAREHOLDERS TO BARCLAYS: Think Twice Before Paying Out Big Bonuses

[credit provider=”barclays.com” url=”http://www.newsroom.barclays.com/Media-Library/UK-Branch-1415.aspx”] Barclays’ biggest shareholders have warned of a major backlash if the bank decides to shower its bankers with lavish annual bonuses.An investor spoke to the Financial Times’ Kate Burgess and Megan Murphy:
SHAREHOLDERS TO BARCLAYS: Think Twice Before Paying Out Big Bonuses
Markets

REPORT: Credit Suisse Pay For Senior Bankers Cut By 30%

[credit provider=”Chicago Booth” url=”http://www.chicagobooth.edu/news/2007-12-10_dougan.aspx”] The paycheck bloodbath continues—Bloomberg has just reported that compensation for senior investment bankers at Credit Suisse is down by as much as 30%.The slashed compensation at the Swiss bank are the latest in a string of pay cut news for the world’s biggest banks as their […]
REPORT: Credit Suisse Pay For Senior Bankers Cut By 30%
Markets

British Politician: Unlike Professional Athletes, Bankers Are Overpaid

[credit provider=”Wikimedia Commons”] Via The Telegraph, UK Business Secretary Vincent Cable delivered a statement yesterday to the House of Commons on executive pay, particularly at banks.He focused on familiar themes like aligning incentives with all stakeholders, restricting rewards for failure and furthering transparency and accountability.
British Politician: Unlike Professional Athletes, Bankers Are Overpaid
News

Here’s What You Need To Know About The UK Government’s Big Plan To Rein In Executive Pay

[credit provider=”Flickr user: essygie” url=”http://www.flickr.com/photos/essygie/5268112425/”] UK Business Secretary Vincent Cable has been called to parliament today to discuss the government’s plans to regulate executive pay, the Telegraph reports.”We cannot accept top pay rising at five times average workers’ pay as we did last year,” Cable told parliament.
Here’s What You Need To Know About The UK Government’s Big Plan To Rein In Executive Pay
Markets

Credit Suisse Does It Again And Pays Bankers In Derivative Backed Bonds

[credit provider=”Daniel Goodman / Business Insider”] Bloomberg is reporting that Credit Suisse has informed senior employees that they will be compensated in part with bonds backed by derivatives.The derivatives are linked to about 800 entities and the bonds will pay a 5% coupon for Swiss franc holders and a 6.5% […]
Credit Suisse Does It Again And Pays Bankers In Derivative Backed Bonds
Markets

Morgan Stanley’s CEO Pay Package Is In And Gorman Is Practicing What He Preaches

[credit provider=”Morgan Stanley” url=”http://compliancex.typepad.com/compliancex/2009/06/official-morgan-stanley-smith-barney.html”] Bloomberg is reporting that Morgan Stanley CEO James Gorman’s pay will fall 25%. He will receive $10.5 million in total compensation for 2011.$5.1 million of his pay will come in retricted shares. The resk is comprised of base salary, deferred cash and deferred performance-based pay.
Morgan Stanley’s CEO Pay Package Is In And Gorman Is Practicing What He Preaches
Markets

Lloyds Banking Group CEO Will Not Accept A 2011 Bonus

[credit provider=”YouTube” url=”http://www.youtube.com/watch?v=wzPyhihc6aU”] Lloyds Banking Group’s CEO in London will not accept an annual bonus for 2011 after taking a leave of absence from the embattled bank, according to a statement released Friday. [via Dealbook]”As Chief Executive, I believe my bonus entitlement should reflect the performance of the Group but […]
Lloyds Banking Group CEO Will Not Accept A 2011 Bonus
Markets

Now US Bankers Are Planning To Sue Or Walk If Bonuses Are Too Low

[credit provider=”Wikimedia Commons”] It’s already happening in the U.K. and now here in the U.S. a growing group of bankers are planning to sue their employers or walk away if they don’t receive bigger bonuses, according to the New York Post.For example, brokerage execs at Jeffries Group have threatened to […]
Now US Bankers Are Planning To Sue Or Walk If Bonuses Are Too Low
Markets

Workers Would Rather Have Cash Than Office Parties For The Holidays

[credit provider=”carltondramaticsociety via flickr” url=”http://www.flickr.com/photos/carltondrama/6015375547/”] Cold hard cash that can be banked or spent – that’s what nearly three quarters of the workers surveyed in a new Harris poll said they would prefer as a holiday gift from their employers this year. That’s in stark contrast to a mere four per cent […]
Workers Would Rather Have Cash Than Office Parties For The Holidays
Markets

Here’s How Banks Will Lie To The Public When They Announce Their Bonus Figures This Year

[credit provider=”consumerist via Flickr” url=”http://www.flickr.com/photos/consumerist/2972244758/sizes/l/in/photostream/”] The idea that banks have to talk about bonuses with any specificity to anyone other than individual employees or in generalities to anyone other than a small group of shareholders is a rather recent one.Only since the peak of the most recent boom has the […]
Here’s How Banks Will Lie To The Public When They Announce Their Bonus Figures This Year
Markets

Russian Banker Accused Of Embezzling $17.8 Million From Colleagues’ Signing Bonuses

[credit provider=”Flickr Images Money” url=”http://www.flickr.com/photos/[email protected]/5474194477/”] George Urumov, the global head of fixed income at Russian brokerage firm Otkritie, has been accused by his employer of embezzling at least $17.8 million in signing bonuses, Bloomberg reported.According to the report, Urumov, who was based in London, told the brokerage firm that he […]
Russian Banker Accused Of Embezzling $17.8 Million From Colleagues’ Signing Bonuses
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