In case you were worried about the compensation that Vikram Pandit, chief executive of Citigroup, will bring home for 2011, take a breath. Citigroup's board is inching closer to a decision and will come up with a plan by the end of the year.
"The board has this process with them, they're going through it, and they are committed, as I am, to making sure that they resolve this," Pandit told Bloomberg. "I want to get paid what the board thinks is right for me, for the job that I've done and for the incentives that they think I ought to have."
Shareholders weren't happy with a plan that would have given Pandit $15 million in 2011 and directors are now working with them to come up with a figure that everyone can be happy about. Or at least, the majority can be happy about.
Meanwhile, over at investment bank Lazard, the discussions about pay took a heated turn a few months ago.
Billionaire Nelson Peltz, who has a 5.1% stake in the firm, told Chief Executive Kenneth Jacobs in March that Lazard was handing over more money to employees than "deal flow or productivity merited," according to Bloomberg. After Peltz aired his concerns, Lazard said it would curb excess compensation and intends to lower the ratio of compensation to revenue to the mid 50% range from its current 62%.
That may send some bankers in search of greener pastures, assuming there are any.
Most of the advice for interviews is aimed at the person interviewing. But perhaps the interviewers need a lesson or two.
Application Rush (Poets & Quants)
This year, applicants to top business schools are rushing to finish their packets by the first deadlines set for early fall. If you want to be competitive, get yours in early, too.
Swedish Solstice (Mergers & Inquisitions)
If you're into clean tech or renewable energy, you may want to consider a job in Sweden. Or consider Norway if oil and gas strikes your interest.
Conn.-based hedge fund Bridgewater Associates is looking for a communications editor to edit research pieces. This could be a way to get in the foot in the door of the research department.
Finance firms will hire thousands of veterans this year and next. J.P. Morgan and Citigroup in particular are targeting this group.
Robert Wolf, chairman of the Americas at UBS, used to flaunt his relationship with President Obama. Now UBS is asking him to pipe down.
Wall Street and music: It turns out you can combine them. Just ask these financial (and literal) rockstars.
Buzz Around the Office
McDonald's Photo Shoot (deathandtaxes)
McDonald's has put out a "behind the scenes" video showing why its burgers look different on TV than in real life.
List of the Day: The Art of Salary Negotiation
You've heard it before, but the advice below bears repeating.
1. Never NOT negotiate your salary. They're expecting you to.
2. Don't throw out the first number.
3. Know what your personal minimum is.
(Source: Glassdoor.com)
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