Bank of America's annual meeting in a few weeks time looks like being an interesting one. Some stockholders are said to have it in for CEO Ken Lewis, and are demanding he pay for what they perceive as recent missteps with his job.
Incredible though it may seem, The Financial Times is reporting that ABN Amro has held exploratory talks with Royal Bank of Scotland about the repurchase of certain units (but only the decent ones!).
'I was laid-off in late October, after over 20 years with the same firm, and almost 30 years in the securities industry. Unlike many of my peers, I had never been laid-off before, and, given my age, I was worried about what awaited me. But I never felt that it would be as bad as it's been over the last few months to get another job. In spite of everything I have done, I just can't get another job at a securities firm. And, in fact, several people, including the career advisor paid for by the bank, have told me to basically not to bother trying until things pick up, hopefully later this year.
'There's a lot of talk about the Democrats limiting our pay to the $400,000 per annum salary received by US President Barack Obama. Although this will mean a substantial pay-cut for me in cash terms, I'd gladly swap my own compensation package for Obama's. Just think of the perks.
You know it's getting bad when employees find out that the serviettes are being rationed in the staff canteen.
If there was any doubt about who were going to be the fall guys for the global financial and economic crisis, then it became very clear Thursday, when US President Barack Obama took the extraordinary step of coming out publicly and blasting the banks for paying 'shameful' bonuses to their employees. The 'War On Bankers' is on, as market professionals have now officially become public enemy number one.
Dear Mr President,
Here are a few quotes from various folks in connection with the debate about Wall Street bonuses.
As President Barack Obama declared 'war on bankers' last week, here's are some of your more printable comments on this subject:
The Wall Street Journal reports that Morgan Stanley is said to be considering laying-off an additional 5% of its 47,000 employees. Any layoffs are likely to be announced in the next two weeks, and are thought likely to affect operations, IT and support staff.
The mystery is why Alison Carnwath, former chair of Barclays' remuneration committee, waited so long to put it on the record. It has been long known that she disagreed with Barclays' decision to award Bob Diamond, the then chief executive, a £2.7m bonus for 2011. But she didn't mention her disagreement with the other directors when resigning from the board last July. She merely cited her regret that she was no longer able to devote "sufficient time" to her non-executive duties.
You might be surprised - even more than Jamie Dimon.
It's a wind down.