Yesterday’s unnerving bonus revelations from UBS have become more unnerving still now that there’s been time to digest them. The Times reports that as part of the new malus system for recouping bonuses in the event of everything from losses (group or division), asset writedowns, personal misconduct and missed performance targets, it will soon be possible for UBS senior bankers and 'risk takers' to accrue a negative bonus balance. The bank has apparently confirmed this, but it’s not immediately clear what the implications will be for anyone changing jobs – would departing bankers need to pay UBS for the pleasure of leaving to work elsewhere?
If some bozo on the other side of the world loses the company a fortune, you pay the price. (The Times).
Barclays bends a bit on bonuses. (Alphaville).
“What they forget is that most of these large bonuses go to men with expensive wives who like to spend.” (Fintag).
Other bank execs urged to go Goldman and relinquish bonuses. (FT).
Could Goldman Sachs go private? (Clusterstock).
Goldman manages to forge an implicit pact with the best and brightest: Give up your life, give us your soul, and at a relatively young age we'll make you really wealthy, even by Wall Street norms…. If the pool that feeds Goldman partners shrinks, or its returns fall, or the firm stops sending partners limited, the pressure builds from below, and the mechanism begins to break down. (The Deal).
HSBC cuts 500 jobs in Asia. (Bloomberg).
Cuts at Putnam. (FT).
Cuts at Blackrock. (Bloomberg).
Profits plunge at Macquarie. (Alphaville).
Dear Citi Colleagues, A few minutes ago I concluded a Town Hall meeting in New York… (DealBook).
Less to Citi’s job cuts than meets the eye. (Breaking Views).
Citi to cut less than 300 jobs in Singapore. (Reuters).
Connexion Capital hires someone. (FinAlternatives).
Hoare Capital markets launched in London. (Financial News).
Jobless of Henley on Thames, part II. (Telegraph).
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