Goldman Sachs boosts junior bankers’ pay to over $110k after 95-hour work week complaints Goldman Sachs ups junior bankers' pay after 95-hour work week complaints Goldman Sachs has become the last of the Wall Street banking giants to bump up pay for its junior investment bankers, after analysts at the bank sent a presentation to management revealing colossal workloads. First-year analysts at the bank will now make between $110,000 and $150,000. Upon their second year at the bank, analysts’ base [...]
Limits on City bonuses could be scrapped under post-Brexit plans Limits on City bonuses could be scrapped under post-Brexit plans Ministers are reportedly considering removing caps on bankers’ bonuses, in a bid to make the City a more atttractive business hub post-Brexit. The preliminary plans to remove all existing restrictions and EU rules are in their initial stages and are yet to be part of any public consultations, The Times reports. Ministers are reportedly wary [...]
Bank of England paper says banker bonus cap can reduce excessive risk-taking The European Union’s cap on banker bonuses introduced after the financial crisis a decade ago can help to curb excessive risk-taking, a Bank of England study showed today. Britain had unsuccessfully opposed the cap, but bankers in London have been nurturing hopes that it could be discarded now that the country has left the EU [...]
Barclays investment bankers face ‘double-digit’ cut to bonus pool January 24, 2020 Barclays investment bankers are reportedly facing a double-digit fall in their bonus pool for 2019, as chief executive Jes Stanley pushes for the lender to meet profitability targets amid growing pressure from an activist investor. Barclays Investment Bank reported a strong third-quarter performance with a 41 per cent jump in net profit. But the division’s [...]
DEBATE: Could bringing back bonuses help make pay fairer? January 10, 2020 Could bringing back performance-based bonuses help make pay fairer? YES, says Giles Gibbons, chief executive of Good Business, an ethical strategy consultancy. News this week that FTSE 100 bosses earn a typical worker’s wage in just 33 hours angered people across the UK — something has to change. And counter-intuitive as it may seem, bringing [...]
Executive pay: FTSE 100 bosses miss out on bonus boost September 6, 2015 More than a third of FTSE 100 chief executives missed out on pay rises this year, according to a PwC report out today. This is up from a quarter of bosses whose pay did not get a lift in 2014. Of those who received a boost, the average increase was three per cent, taking [...]
Why the finance sector is still the place for bonuses – despite a decline in payouts August 26, 2015 Finance sector workers are being paid billions less in bonuses than they were before the 2008 financial crisis, figures by the Office for National Statistics showed this morning. Total bonus payments in finance and insurance reached £13.6bn in the year to April, £5bn less than their pre-recession peak. Economy wide bonuses are just 0.1 per cent [...]
Persimmon bosses to share in £600m payout under long-term bonus scheme August 23, 2015 The bosses of Britain’s largest housebuilder Persimmon are in line for a potential £600m-plus windfall after a bumper year fuelled by the housing market recovery. More than 130 of the group’s senior management are expected to share in the award in December as part of a long-term incentive scheme launched three years ago. In total, [...]
Poundland’s bosses fail to get bonuses August 14, 2015 BOSSES at UK discount retailer Poundland did not receive a bonus for 2015, despite both sales and profits at the company improving last year. Poundland’s annual report said the bonus payments were “self-funding” and “as such, this year’s underlying profit after tax achievement of £33.95m did not trigger payment of bonuses to colleagues.” The company’s [...]
Why everyone should stop panicking about Berkeley Group boss Tony Pidgley’s £23m bonus August 11, 2015 Yesterday’s revelation that Tony Pidgley – founder, chairman and general grandfather figure at housebuilding giant Berkeley Group – is about to net himself £23m-odd in bonus payouts has created something of a storm. There’s no denying it’s a vast sum: it puts Pidgley above Wayne Rooney in the pay scale, making him the second [...]