Lunchtime Links: Goldman’s new pay policy
25 September 2009
While the world waits to see exactly what the G20 will do about bonuses, the New York Post reports that Goldman is considering pre-empting the G20 decision by introducing longer vesting periods, and by paying its senior executives entirely in stock.
Although Lloyd Blankfein has been very vocal about reforming banking pay, Goldman is one of a few banks that hasn’t (as far as we know) increased salaries or introduced clawbacks.
Neither measure appears to be on the table now either, but if vesting periods are lengthened, senior Goldman bankers may find themselves obliged to wait a lot longer than would previously have been the case before they can access the rewards resulting from the firm’s performance. By that time, there’s a vague possibility that vampire squids and the like will have been forgotten.
Required viewing for newly-bonused Goldman employees. (Reformed Broker)
Swedish PM and EU president promised a "specific discussion" on bonuses including proposals for individual caps on bankers' bonuses. (Guardian)
Sarkozy doesn’t want a bonus cap after all. (The Times)
Nomura stock plunges as it tries to raise money to hire some more people. (Bloomberg)
Julius Baer wants to add 40-50 bankers a year. (Bloomberg)
Gartmore appoints a senior credit analyst. (Moneymarketing)
Barclays Wealth hires a new head of investment strategy. (BarclaysWealth)
HSBC hires a new head of fixed income strategy. (FTAdvisor)
Aviva Investors hires for its credit team. (CreditFlux)
A former management consultant and private equity boss will be chief exec of the Asset Protection Agency. (FT)
Brevan Howard is opening a Swiss office that has absolutely nothing to do with high taxes in the UK. (Reuters)
HSBC chief exec to be based on HK from now on. (NY Times)
Insufficient sleep may cause Alzheimers. (Telegraph)
Moon could support middle class life, say experts. (DailyMash)
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