Talk about a nice finish to the week …
On Friday Macquarie Bankers get their bonuses.
While the size of the bonus pool, according to the Australian Financial Review, is about the same as last year at one billion, an emphasis on cost control means the top performers will get a lot of money.
On the other hand, Joe Average gets a little or nothing at all.
That means the bank can keep its top earners, and cut down on costs by paying the expendable staff less, or just no bonus at all.
Sources told the AFR the gap in wealth between the big guys and the average performers at Macquarie is growing. The bank declined to comment for the article.
One anonymous analyst though told the Fin it was odd senior bankers were paid such large bonuses when the bank had failed to deliver a return on equity above its cost of capital for the fifth straight year.
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