The Wall Street Journal reports that Morgan Stanley has tapped former Merrill Lynch President Greg Fleming, who joins as President of the firm's investment management unit. He will also be responsible for Merchant Banking.
The Times reports that Barclays Capital is thought to have had to rethink its plans to increase base pay by as much as 150%, 'amid fears that the rises may contravene the UK government's new tax on bonuses'.
The Financial Times reports that Jonathan Kelling, the CEO of stockbroker Arden Partners has sent a letter to the UK Treasury drafted by the firm and seven rivals (Altrium Capital, Cenkos Securities, Collins Stewart, Evolution Securities, Numis Securities, Oriel Securities and Panmure Gordon) on the subject of the bank bonus tax.
That's a good question because, as currently drafted, the tax legislation currently being drawn up by the UK government will cover a number of other firms not strictly regarded as banks.
Here's a note of the firms most likely to be impacted by the UK bonus tax.
Reuters reports that UK Prime Minister Gordon Brown has urged the rest of the European Union to follow his lead and impose a one-off tax on bank bonus pools.
Bloomberg report that Standard Chartered is pretty miffed that banks owned by the UK government (for that read Lloyds Banking Group and Royal Bank of Scotland) appear to be poaching its staff.
Here's a few comments on our controversial 'I Feel Like Jesus' article.
New York, December 10, 2009 - The Goldman Sachs Group, Inc. (NYSE: GS) today announced that its Board of Directors has approved changes to compensation for 2009. They include the following:
Here are a few comments we have had in on the subject of the additional one-off 50% tax to be applied to this year's bonus pool. The tax will be paid applied to banks on any bonus paid out over £25,000 ($40,000).