It's no fun to write about the pay of titans on Wall Street without comparing who gets what.
Which makes a possible conversation between Barclays head Bob Diamond, Citigroup chief Vikram Pandit and Morgan Stanley honcho James Gorman all the more necessary to imagine:
Diamond: My shareholders are angry. They want to take away my compensation.
Pandit: Mine too!
Gorman: Dudes are on your own. Mine are cool with it.
(Diamond and Pandit roll their eyes at each other. Gorman doesn't notice. Or pretends not to.)
Over in the U.K., where Diamond has come under fire for his 15 million pound pay package for 2011, Barclays has responded somewhat swiftly to public concern. The bank said Diamond will lose out on half of his deferred bonus unless the bank reaches some profitability objectives. That could amount to a loss of around $2 million for him.
Meanwhile, after being asked about his compensation at Morgan Stanley in light of Citigroup's shareholder vote this week, James Gorman says he believes his shareholders are satisfied with the firm's pay scales. "I don't think we're going to have a say-on-pay turndown," he told Charlie Gasparino. Gorman took in $10.5 million for his work in 2011, down 25% from a year earlier.
He also affirmed his management team has "a lot of wood to chop" and isn't thinking about the end of his tenure as chief executive yet.
Rolling Heads (FINS)
The cost-reduction program at Bank of America is still on track, which means thousands are being fired.
Making Bank (Bloomberg)
Morgan Stanley's investment bankers will not go without. The firm set aside 10% more compensation to pay them last quarter than it did a year earlier.
The Tough Life (The Reformed Broker)
If you're a broker who's been fired, it can be very difficult to land on your feet.
Day in the Life (WSJ)
Wonder what B-school is like out West? Some students open up about a typical day.
Nature vs. Nurture (WSJ)
When it comes to achieving an ambitious career, more young women than men say it's one of their priorities, according to a new survey.
Simple Steps (Forbes)
Before you check your email, look at this infographic. Then make your decision.
Life Experience (FT)
Cece Stewart, head of U.S. consumer and commercial banking at Citigroup, eventually had her mentor answering to her.
Buzz Around the Office
New claymation video from The Shins.
List of the Day: Keeping in Touch
Here's how to keep in touch with old bosses and mentors.
1. Holiday cards. Pretty universal.
2. Job or personal life changes.
3. Interesting articles they may like.
(Source: The Daily Muse)