Banks are busy writing bonus checks and sending them direct deposit to bankers' checking accounts, but the envelopes will be a little thinner this year.
Morgan Stanley will cap bonuses at $125,000 for the 2011-2012 bonus cycle, people familiar with the matter told The Wall Street Journal. That means bonuses worth more than $125,000 will be deferred until December 2012 and December 2013. For top executives, such as the ten members of the operating committee, their entire bonuses will be deferred this year. Weak markets are the culprit.
Meanwhile, in Washington, the government is considering compensation packages for incoming chief executives of Freddie Mac and Fannie Mae that will hover between $250,000 to $500,000. That's in stark contrast to the millions of dollars paid out to the departing CEOs, who had base salaries of $900,000. With incentive pay, the heads could earn as much as $6 million.
Guess former pay czar Kenneth Feinberg's work is complete.
The investigation into the missing customer money at MF Global has centered on the Chicago back-office staff.
Showing Their Hand (The Guardian)
Top brass at Goldman Sachs in Europe are being forced to reveal their compensation under new European Union rules. It may be only a matter of time before a similar notion reaches American shores.
Walid Chammah, chairman of Morgan Stanley International, is retiring after 19 years at the firm. He'll stay on for the next several months to ease the transition.
The Japanese were the financial joke for two decades as its economy stagnated. But because of their low exposure to Europe, the country's banks are in peak position to start acquiring assets and grow their businesses overseas.
Morgan Stanley may announce yet more layoffs after the 1,600 that the firm's been shedding over the past couple months. The figure could go up to 5,000, a source told Fox Business.
Making the Leap (Mergers & Inquisitions)
It's still possible to get a plush job in finance if you didn't go to a top school or get a good GPA. One word: networking.
So your boss wants to be your friend on Facebook. If you're not keen on revealing your wild Saturday nights, just ignore the request.
Buzz Around the Office
We can only hope they mistakenly used some automated ad-buying platform and quickly learned their lesson.
List of the Day: Recharging Your Batteries
It happens to the best of us: You get stressed and exhausted and stop feeling good about going to work everyday. Here's how to counteract those feelings.
1. Find meaning in what you do.
2. Lower your expectations for what your career will fulfill for you.
3. Look at your problems as challenges to be overcome.
(Source: MarketWatch)
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