Barclays Plc will pay 7 percent interest annually to senior employees on cash bonuses deferred for at least five years under the bank’s plan to link compensation with long-term performance.
BusinessWeek.com — Finance
Wall Street cash bonuses fell 8 percent last year from 2009, reflecting a shift toward higher base salaries and deferred earnings, New York state Comptroller Thomas DiNapoli said.
BusinessWeek.com — Finance
Wall Street bonuses fell 8 percent last year from 2009, New York state Comptroller Thomas DiNapoli said.
BusinessWeek.com — Finance
Barclays Plc, Britain’s third- largest bank, reduced bonuses for employees of its investment- banking unit, Barclays Capital, by about 15 percent on average, according to three people with knowledge of the matter.
BusinessWeek.com — Finance
Barclays Plc, Britain’s third- largest bank, reduced bonuses for employees of its investment- banking unit, Barclays Capital, by about 15 percent on average, according to three people with knowledge of the matter.
BusinessWeek.com — Finance
Citigroup Inc., the lender that got a $ 45 billion bailout from U.S. taxpayers, is using stock for a larger portion of bonuses paid to employees, including investment bankers and traders, people briefed on the shift said.
BusinessWeek.com — Finance
Half of Wall Street finance professionals in a survey were satisfied with their bonuses for 2010 performance, eFinancialCareers.com found.
BusinessWeek.com — Finance
Wall Street Financial Firms That Received The Highest Bonuses
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Wall Street Financial Firms That Received The Highest Bonuses
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Home Page > Business > Wall Street Financial Firms That Received The Highest Bonuses
Wall Street Financial Firms That Received The Highest Bonuses
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Posted: Feb 23, 2010 |Comments: 0
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New York State Comptroller Thomas P. DiNapoli and staff recently conducted a study of New York City financial firms and the bonuses employees received in 2009. The study shows that bonuses rose nearly 17 percent, to .3 billion, during a year where the securities sector earnings are forecasted to exceed an unprecedented billion.
Through the first three quarters of 2009, broker-dealer operations of New York Stock Exchange (NYSE) member firms earned a record setting .9 billion. In the previous year, the industry lost another record setting figure of .6 billion.
Compensation at major investment banks, including those that are more diversified than traditional brokers, such as Goldman Sachs, JPMorgan Chase, and Morgan Stanley, increased 31 percent in 2009. The average compensation rose more than 0,000, up 27 percent over the previous year. Citibank and Bank of America data was not included in these figures.
The majority of the largest financial firms are not paying their top executives cash bonuses, instead compensation is provided in the form of stock options and other forms of deferred payment. Also notable, is that the industry did not devote as much net revenue to compensating employees in 2009, as they have in past years. Over the past several decades, it wasn’t uncommon for salaries and bonuses to equate to as much as half of net revenue; however, in 2009 this amount was down to around 40 percent of net revenue.
Employment declined by roughly 31,500, or just under 17 percent of, jobs in the New York City securities industry between November 2007 and August 2009. Between August and December 2009 the industry managed to add nearly 3,900 new jobs. In a previous study by the State Comptroller, it was found that for every securities industry job created, three other jobs are created elsewhere in the state of New York.
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