Top Firm Executives Decline Their 2011 Bonuses - More To Follow ?

Gold Bar Door Stop

Will this firm be setting a trend ?

Bloomberg reports that Jefferies CEO Richard Handler has confirmed that he and several other firm executives will not be taking a bonus for their work in 2011.

Handler, 50, said on an earnings conference call Tuesday that: 'We've given back our entire bonus. We recognise our shareholders had a tough year. We're shareholders too, and we're getting zero bonuses'.

In the meantime, the news agency reports that the former head of oil options trading over at Tullett Prebon claimed in a London court filing last month that he was forced to leave the firm due to the behaviour of an 'increasingly erratic, unrelaible and disruptive' trader, who he claims made up trades and created a 'toxic atmosphere'.

Daniel Sibson has lodged his claims after being sued by Tullett for quitting without working his 12 months notice. Sibson is countersuing for constructive dismissal.

In the meantime, Contractor UK reports that Goldman Sachs is reducing contractor pay by up to 15% from January 1st. The firm is said to have offered the usual 'take-it-or-leave-it' deal most other financial markets firms have put on the table in recent weeks. Typically firms reduce contractor pay towards the end of a year in which bonuses are likely to be relatively low.

Finally, the UK government's acceptance of The Independent Commission on Banking report will probably be good news for IT professionals, as there's likely to be a lot of tech work to do to hive off investment banking activities. The bad news, though, is that this won't happen for a few years yet, as full implementation of recommendations won't be concluded until 2019!

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

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