Compensation may be down across Wall Street for chief executives, but the CEOs of three large asset-management firms in the U.S. aren't exactly weeping into their morning soymilk, The Wall Street Journal reports.
Federated Investors Inc., Franklin Resources Inc. and T. Rowe Price Group paid their chief executives a combined $22.4 million for their work in 2011, up 28% from the year earlier period. Incentive-based compensation helped with the healthy increase, and similar results are expected to play out at Invesco Ltd. and State Street Corp., rival asset managers that are set to reveal pay information in coming weeks.
The pay is good this year because the firms mostly manage mutual funds, which didn't encounter too much volatility last year.
James A.C. Kennedy, chief executive of T. Rowe Price, is bringing home 11% more in 2011, to the tune of $7.9 million.
Lest you think the top guns are gobbling up all the profits without sharing with the rank-and-file, take heart in the fact that those employees are expected to gain a 5% increase in their bonuses for 2011, unlike their Wall Street brethren.
Traders Down (Bloomberg)
Tough times for some at J.P. Morgan: The firm laid off 5% of its equity trading desk this week.
Slight Reorganization (WSJ)
Deutsche Bank has changed the status of one of its affiliates to avoid new financial regulation.
The Place to Be (Here is the City)
London retained its status as the top global financial center in a new ranking, followed by New York and an assortment of Asian cities.
Life on the Street (The Guardian)
Here's one woman's take on working as a salesperson in London's City. Something you'll need to have in spades: tact, to deal with both traders and clients.
Speak Your Mind (WSJ)
Listen up: Sometimes it's good to brag about yourself. Job candidates who said "I" more often in an interview were ranked higher than those who said "we."
Political Money (Bloomberg)
Employees at Wells Fargo, J.P. Morgan and Goldman Sachs are signing checks for another Obama presidency. Romney, too, has been courting the finance realm, though more in the private equity sphere.
The Cab Game (WSJ)
Sluggish trading day? Play the taxi game, which tests your knowledge of local transportation in various cities. You can justify it in your mind by telling yourself you'll be there one day to entertain clients.
Buzz Around the Office
An animated short from Japanese comedian Tekken.
List of the Day: The Right Way to Network
Think of strangers as friends you haven't met yet, not "contacts."
1. Your goal should be to make a new friend, not someone who can help you.
2. Keep your e-mails short and sweet.
3. Don't ask for money.
(Source: Financial Post)