Top Firm Staff Pay Deal Thought Better Than Anywhere Else

Reuters reports that Morgan Stanley Smith Barney is offering lower-producing financial advisers an upfront cash payment of $160,000 to join up - even though they may be producing as little as $215,000 in revenues a year.

An adviser can also earn up to 55% of his / her annual revenues in bonuses.

The news agency quotes Rick Peterson, a Houston-based industry recruiter, who said: 'It's an excellent deal. It's a much better deal than they'll get elsewhere'.

In the meantime, Bloomberg reports that ex-Lehman CEO Dick Fuld has joined with ex-CFOs Erin Callan, Ian Lowitt and Mark O'Meara, and former President Joe Gregory, in asking a US judge to kick a lawsuit which accuses them of failing to disclose the use of Repo 105, which concealed billions of dollars of debt from the firm's balance sheet. The executives have denied any wrongdoing.

And The Guardian reports that Lehman is having another go at getting rid of some of its art collection, and that $10m worth of items will go under the hammer at Sotherby's in September. The funds raised will go into the pot for payment to creditors.

Finally, The Telegraph has reported that Royal Bank of Scotland is being properly parsimonious when it comes to entertaining clients during the World Cup. According to the newspaper, rather than shipping folks out to South Africa, the majority-owned UK government-owned bank has created a 'virtual football pitch' at its 250 Bishopsgate offices, which will be used to entertain up to 3,000 clients during the tournament. Up to 300 at a time will be able to watch matches on a giant screen.

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