'Here Is The City' expressed some scepticism about the legal claims currently under consideration by some bankers over at Dresdner Kleinwort in respect of the 'variable' element of their compensation (ie their bonuses), so you may be interested in the views of one who is involved.
The New York Times reports that UBS is to increase the base salary of senior investment bankers as it strives to retain top talent in the wake of disappointing bonus payouts.
Here's the first excerpt from 'The Kenny Lewis Dairies'. 'Kenny' is the fictional head of Bank of America / Merrill Lynch.
Here's a note of our most popular Life stories in February:
Here's Citi CEO Vikram Pandit's latest missive to staff:
Reuters reports that Bank of America has revealed in its 2008 annual report that it is carrying loans on its balance sheet marked at $44bn above fair market value. The bank says that it is to hold the loans to maturity. BofA stock fell 25% in New York trading Friday.
Merrill Lynch has denied a report that the firm's London-based staff are now being charged extra if they want a polystyrene bowl with their morning cereal.
Lord Myners, the City Minister, was asked to call former Royal Bank of Scotland CEO Sir Fred Goodwin, to try and get him to give up some, or all, of his $24m pension pot. Sir Fred took the call, thought about it, and then wrote to the minister telling him to sod off.
An emotional, ill-thought out letter sent to Northern Trust CEO Frederick Waddell by Barney Frank, Chairman of the House Financial Services Committee, on the subject of The Northern Trust Open got the response it deserved. Waddell simply told Frank (politely) to get back in his crib, and get his facts straight.
We asked you if former Royal Bank of Scotland CEO Fred Goodwin should give up some, or all, or his $981,000-a-year pension. Here's the results of our quick poll: