Bankers Take Bonus Hit

No Pot Of Gold

Spare a thought for these guys, who have just seen their 2013 bonus take a hit.

Reuters reports that bankers advising parcel delivery companies UPS and TNT Express are set to miss out on $55m in fees after UPS withdrew its $6.9bn bid for TNT due to opposition from antitrust regulators.

U.S. group UPS's advisers Morgan Stanley (MS.N), Bank of America (BAC.N) and UBS (UBSN.VX) would have shared around $25m - $30m, according to Freeman Consulting. Some of this money, of course, would have filtered down to individual banker bonuses for 2013.

The news agency also reports that Barclays will cut investment bankers' bonuses for 2012 in a move that will cut their total pay for the year by up to 20% as the British bank's new boss seeks to tackle high costs, people familiar with the matter said.

Barclays is finalising bonuses for last year and overall compensation for investment bankers will fall by between 10% and 20% on average, two sources said.

Finally, The Wall Street Journal reports that the activist investor whose firm last week disclosed that it bought a stake in Morgan Stanley has started prodding the securities firm about how much it pays top executives.

According to the newspaper, Daniel Loeb, who runs hedge-fund firm Third Point LLC, has raised questions about whether compensation levels at Morgan Stanley are justified given the New York company's size and relative simplicity compared with larger banks, said a person familiar with his thinking.

Banks to miss out on $55 million of fees as UPS-TNT deal collapses

Barclays to cut inv banker pay by up to 20 pct-sources

Wall Street Pay Gets Tougher Look (subscriber content)


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