Page 2223 


Top Firm To Cut Technology Costs By Over $1bn

The Financial Times reports that Citi is to finally get to grips with the myriad IT systems which form part of the firm's technology platform. Citi is thought to have hundreds of different systems, many inherited following acquisitions, and management now believe that a concerted effort to rationalize the IT infrastructure could result in cost-savings of over a $1bn a year.

Another Top Firm To Up Base Salaries

The Wall Street Journal reports that Morgan Stanley has 'said it would raise the base salaries of most of its top officers and many top-earning employees in an effort to reduce the importance of their annual bonuses'.

Top Firm To Be 'Bonus Free' In 2009

Reuters reports that UBS looks likely to be free to decide the size of its bonus pot this year, unlike 2008, when bonuses (which were around 90% down) were paid soon after the Swiss government bailout.

Top Firm Ups Base Pay 50% To Stop Staff Defections

Goodbye UBS

Bloomberg reports that UBS has upped the base salary of MDs across the board over at its investment banking unit by an average of 50%, as it tries to retain talent in the face of competition for its staff from rivals. More junior staff are also said likely to be in line for salary increases.

CEO News - Windfalls, Moves, Resignations, Accusations

Bloomberg reports that senior management over at Bank of America have made paper profits of around $6.57m after purchasing their firm's stock in those dark days for shares during January. Among the winners is CEO Ken Lewis, who is looking at paper gains of around $2.5m.