2011 Bonuses - Here's What We Know So Far

Oliver Twist

Have you got the message yet ?

Barclays

Barclays CEO Bob Diamond told The Sunday Times that, although no comp levels have been set for the year yet, 'I think the environment was difficult this year, and in that environment you will see compensation levels coming down.

Diamond said: 'We have to find a balance between being responsible and being competitive. I can't just determine the compensation with no reference to what people earn at other institutions'.

BNP Paribas

CEO Baudouin Prot told Bloomberg last month that there would be a 'significant reduction' in year-end bonuses due to earnings, confirming: 'The bonus trend, like expected, should be in line with the trend of revenue and profit'.

Credit Suisse

Credit Suisse Chairman Urs Rohner has told Swiss newspaper Handelszeitung that his firm's 'bonus pool will be sharply lower again this year'.

The firm reduced its overall bonus pot from US$7.24bn to $5.4bn last year, and it looks like it's going even lower this year-end.

Daiwa Securities Group

The firm has recently quadrupled its cost-cutting target to $527m

Goldman Sachs

Its Q3 loss was only the second in its history as a public company, and the firm is looking to capture $1.2bn in cost savings by the end of the year.

HSBC

Hardly the biggest bonus payers at the best of times, the firm is going through a $2.5bn - $3bn cost-savings exercise over the next 3 years (which includes around 30,000 job cuts)

Jefferies

The firm will clawback all variable pay cash bonuses for 2011 should staff leave for a competitor within a 12 month period.

JPMorgan

Managers have been telling employees that total average compensation may be lower to unchanged from last year.

Morgan Stanley

CEO James Gorman is said to have been busy trying to manage year-end bonus expectations, warning senior bankers and traders to expect significantly lower bonuses than last year, and in some cases, zero payouts if they want to keep their jobs.

Nomura

The firm is looking to achieve cost-savings of $1.2bn firmwide, although 60% of the savings will come from the firm's European operations.

Societe Generale

The firm said that it is looking at a cost cutting plan to reduce expenses by 5%

UBS

The bonus pot over at the investment bank is bound to be impacted by those $2.3bn rogue trading losses, and the Group as a whole is looking at cost-savings of $1.9bn - $2.5bn over the next 3 years

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