The Financial Times reports that Barclays Capital is now rolling out a 'partnership' organisational model, which will allow 'partners' to have 'more say in the bank's future direction and their pay will be more aligned with profitability'.
BarCap is now apparently attempting to duplicate the Goldman Partner Managing Director model (which has clearly proved successful), and the firm's annual round of MD promotions is now said to be called 'partnership' promotions.
In the meantime, Bloomberg reports that UBS's 13-man board received $64.7m in compensation for their work in 2009, up from the $8.5m the board the year before. Carsten Kengeter, the co-head of UBS Investment Bank, was the highest-paid board member for last year, earning $12.4m. CEO Oswald Gruebel didn't take a bonus, but was paid a base salary of $2.8m. Chairman Kaspar Villiger got $638.000.
And The Wall Street Journal reports that AIG is thought likely to withhold some $21m in bonus payouts due to former employees this week, setting the scene for yet more spats over employment contracts. The firm is also due to pay out $46m in retention bonuses to current and former staff over at its Financial Products division who have been responsible for unwinding some of the unit's complicated derivatives contracts.
Finally, The London Evening Standard reports that the latest Global Financial Centres Index rankings has London knocked off sole top slot, now sharing the top position with New York. The rankings also have Frankfurt, Geneva, Paris and Zurich catching up. London's position as a leading financial centre is under threat due to its punitive taxation regime, tight(er) regulation and the fact that bankers who work there are fed up of being 'bashed' by politicians and the public.