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 saga of Bank of America bonuses is taking on a life of its own, and rapidly becoming a public relations disaster for the firm.
Well, if the rumors are true, Deutsche Bank has had a stunning start to 2009, after allegedly making $1.3bn from trading in the first 3 weeks of the month.
'Never Mind Your Bonus' is a must-read for all financial markets professionals, a light-hearted look at the industry (which is also inexpensively priced for all cash-strapped bankers - £10 UK, $16.49 USA).
Yugo Ishida, the man who runs Nomura International, is said to have told Reuters at the World Economic Forum at Davos that he doesn't feel that his firm will be making any further jobs cuts in the foreseeable future. The firm has laid-off around 1,100 staff since September.
New York State Attorney General Andrew Cuomo Tuesday issued a subpoena on former Merrill Lynch CEO John Thain, as the official bids to get to the bottom of the firm's so-called 'BonusGate' scandal.
Banco Santander seemed to be between a rock and a hard place, allegedly praising Bernie Madoff's investing prowess just a few weeks before he confessed to that $50bn ponzi scheme (the bank described Bernie's timing as 'impeccable'). It's no surprise, then, that the bank is now offering $1.8bn to private clients to cover their losses and put the matter to bed.
Here's a comment sent in by a Bank of America staffer. For obvious reasons, the individual wishes to remain anonymous:
Morgan Stanley said Chief Executive James Gorman will receive a base salary of $1.5 million in 2013, nearly double the $800,000 he received last year.
This guy, who apprently worked at a number of firms during his career (Barclays, JPMorgan, Nomura, SocGen and WestLB), is strutting his stuff in an entirely new direction now.
Sounds like it was quite a bun-fight.