Page 2495 


Goldman Wants To Give $10bn TARP Funding Back

President Barack Obama came out Wednesday, as expected, and announced that the executives of banks which receive 'exceptional' taxpayer assistance in the future will be limited to $500,000 compensation per annum until the government borrowings are repaid.

Trader Fired Over Son's Pop Career

The Daily Mail reports that 44-year-old Tullett Prebon trader Kate Cassidy claims to have been fired because her former employer felt that she was spending too much time and energy trying to get her son Sam's pop career off the ground, instead of doing what she was paid to do.

Top Firm Clients Want Return Of Management Bonuses

Reuters reports that a group of Credit Suisse clients who lost money as a result of investments in Lehman Brothers paper want the subject of the return of management bonuses to be on the agenda at the company's forthcoming Annual General Meeting.

Where Are All The Big Bonus Firms Now ?

It wasn't too long ago when three firms stood out as the biggest payers of investment banking bonuses - Barclays Capital, Goldman Sachs and Deutsche Bank. Now, it seems, that's all in the past, as, despite what Main Street and President Obama's administration would have you believe, bonuses just ain't what they used to be.

Staff At Top Firms Brace For Next Big Round Of Lay-Offs

Sack Race

The Wall Street Journal reported last week that Goldman Sachs was looking to shed an additional 5 - 10% of headcount, as it prepares for its next round of lay-offs. Morgan Stanley, too, was said to be thinking of making a further 5% of staff redundant. Well, the newspaper now reports that, according to an unnamed 'person familiar with the investment bank's plans', 1,500 to 1,800 of the firm's staff, or 3% of the total number, are now likely to be axed in the coming weeks.

Thain Said In Clear Over Merrill 'BonusGate'

The Wall Street Journal's 'Deal Journal' column says that it has reviewed a private bonus agreement established between Merrill Lynch and Bank of America when their 'merger' was first struck last year. The agreement apparently confirms that Merrill's bonus pool for 2008 should not exceed $5.8bn, and that 60% of this should be cash, with the remainder in deferred compensation. On the surface, then, it looks like former Merrill CEO John Thain was in the right when he claimed that Bank of America was fully aware of the bonus payouts he allocated to his staff last month.

Can't Get A Job & Been Told Not To Bother Trying

Listen to Music

'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.