UBS follows Goldman’s lead: No bonuses for the firm’s senior team. It is, of course, ironic that Goldman was the firm that led this latest Wall Street trend, given that Goldman is about the only firm where senior executives deserve bonuses. At UBS, meanwhile…
Now that this has become a trend, of course, the silence around the rest of the Street is deafening.
For example, Citigroup. Is Vikram Pandit forgoing his bonus? Given that he’s now shedding 50,000 people, Citi has lost tens of billions over the past year, and the stock is now $9, this would seem to be the least he could do. Every minute he waits to award himself a bagel will be a further blemish on his–and Citi’s–trashed reputation.
Merrill? Morgan Stanley? Bank of America?
See Also: No Bonuses For Goldman Execs
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