The pot calling the kettle black ?
It may be a case of people in glass towers throwing stones, but Australia's only listed investment bank, Macquarie Group, has been told it pays its staff about $800m over the odds by another investment bank, UBS.
ABC reports that in a research note to clients, UBS's team of bank analysts said the Macquarie remuneration structure had not changed much in the past 20 years, despite a massive change in the group's businesses model.
On UBS's figures, if Macquarie re-jigged its compensation model so each of its divisions paid staff at around the top 25% level of its global peers, annual costs would be cut by $809m and earnings-per-share (EPS) would jump 32%.
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