Lunchtime Links: Top earners at Citigroup and BoA may be disclosed within 30 days
18 September 2009
Following the Cuomo Report on the distribution of last year’s bonus pots, we already have some idea how well US banks pay their top members of staff. Thanks to Pay Czar Kenneth Feinberg, things may soon be clarified further.
The Street reports that Feinberg plans to disclose the earnings of the top 25 best paid employees at Citigroup and BofA within the next 30 days.
It’s not clear whether Feinberg will adopt the suggestion of the Walker Review and also disclose the names of top earning individuals. This would not be a good idea.
Fed to put bonus regulators directly inside banks. (Business Insider)
Under the proposal, the Fed could reject any compensation policies it believes encourage bank employees -- from chief executives, to traders, to loan officers -- to take too much risk. (Wall Street Journal)
Pandit says Phibro may be restructured and rationalized. (Bloomberg)
Andrew Hall’s $100m pay package is too much. (CNBC)
Protium people won’t have their pay controlled as they don’t count as Barclays staff. (Financial Times)
Europe reiterates its urge for global pay rules. (DealBook)
“The bonus bubble bursts tonight.” (The Times)
“I have a wonderful opportunity for you. I’m giving you the opportunity to say that you don’t want a bonus.” (Bloomberg)
Thain wishes he’d shopped at Ikea for his Merrill furniture. (Bloomberg)
Nouriel Roubini on what’s changed since Lehman. (Forbes)
Former bankers turned taxi drivers and maths teachers. (Wall Street Journal)
Demonisation of the City is dangerous talk. (Telegraph)
Nerds, dorks, geeks and dweebs. (Reformed Broker)
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