It was the heat of the moment.
Shareholders around the world are putting their foot down when it comes to what they deem to be extravagant pay at banks. UBS is the latest bank to join the pack, already populated by Citigroup, Barclays and Credit Suisse.
Yesterday, more than one third of shareholders voted against the bank's pay plans for its executives. The say, unfortunately for them, is non-binding.
Chief Executive Sergio Ermotti took home 6.35 million Swiss francs for his work in 2011, about $6.9 million. He joined the firm in April of last year after an unauthorized trading incident cost UBS more than $2 billion and resulted in the departure of then-CEO Oswald Gruebel.
Shareholders also elected Axel Weber to become chairman. He replaces Kaspar Villiger, who is retiring.
Disappearing Act (FINS)
The finance industry is--not shockingly--still cutting jobs, according to a new report from an outplacement firm.
The Real Deal (Here is the City)
This list details the finance firms where you might be safe, where you should be worried and where you shouldn't bother to look for a job at all.
Begging for More (NYT)
President Obama has returned to New York to woo Wall Streeters (and their coffers). Many have turned an increasingly cold shoulder to him over the past few years.
The Reason You Account (GoingConcern)
Everyone's got their own reason for why they went into accounting. A steady career seems to be one of the most popular.
Picking Your Brains (WSJ)
Top MBAs may get selected by brands to do actual work--without getting a dime in return.
Mortgage Mavens (ReverseMortgageDaily)
Houston-based Network Funding has been adding tens of reverse mortgage originators. The company is still growing in several states.
Preparing to Examine (SEC)
Financial-regulation reform has spurred hiring on both sides of the aisle: the examiner and the examinee. Both the SEC and private-equity firms have added talent to help with new registration requirements.
Buzz Around the Office
A kid in a striped hoodie is filmed playing, oblivious to the lion behind that's trying to take a chomp out of him.
List of the Day: Leaving Gracefully
You should always have your reputation in mind when you leave a job.
1. Tell your boss first and in person.
2. Offer to train your replacement.
3. Don't complain to HR when they ask why you're leaving.