They've called it the $30bn speech - that's the value wiped off shares in top US companies in the minutes after President Obama announced on Thursday that he was to introduce measures to reduce the size of financial institutions and limit their ability to take on risk.
Bloomberg reports that, according to documents obtained by US lawmakers, Goldman Sachs 'was the most aggressive bank counterparty to AIG before its bailout, demanding more collateral while assigning lower values to real estate assets backed by the insurer'.
The Times reports that Goldman Sachs is capping compensation for its 100 London-based Managing Director Partners at £1m ($1.6m). Many other less senior bankers, however, will be paid out in excess of this amount. Under FSA guidelines, a minimum of 60% of bonuses over $1.6m will need to be paid out in deferred equity.
The Wall Street Journal reports that John Havens, who runs Citi's investment banking unit, was the company's highest-paid employee last year - bagging $9m, primarily in restricted stock.
Bloomberg reports that Bank of America expects to pay top performers record bonuses for their work in 2009, although the firm's total bonus pot is expected to come in lower than in previous years.
We've done a lot of stuff recently on bonuses (hey, it's that time of year), but a lot of interesting reporting came out over the weekend on this subject, and we thought it would be good to put it all together for you.
CNBC reports that, according to unnamed 'people familiar with the matter', Bank of America is planning to cut the cash component of year-end bonuses payouts to between 5% and 25% of the total.
The Financial Times reports that Citigroup is set to cap cash bonuses at below $100,000 (the rest would be paid in deferred equity), as it balances the needs of the organisation to retain key staff and the ire of the US taxpayer, which was standing behind multiple bailouts of the firm over the last 14 months or so.
Bloomberg reports that Credit Suisse plans to spread the cost of the UK's bank payroll tax on to shareholders and staff around the world, but the news agency has been told that the bank intends to land London-based staff with paying 'the biggest share' of the tax, as this would 'yield the largest tax savings'.
Reuters says that there are press reports circulating to the effect that Goldman Sachs has had to delay telling employees their bonus numbers. Bonus announcements are said to have been originally planned for Monday, but they are now thought to have been pushed back, and staff may not now be told until the end of the month.
Jefferies has been ordered by a Hong Kong judge to pay its former Asia equity trading head Grant Williams about $1.86 million for firing him over a newsletter which referred to a Hitler parody video.
A devastated London-based trader threw himself in front of a train after being ‘pressured’ into leaving his job, an inquest heard last week.
Aren't economists all supposed to be boring ?