After months of speculation, the bonus and compensation numbers are finally here, and they're not too good.
At JPMorgan, "flat was good," a person who works at the firm told FINS, referring to no change in compensation from last year to this year. "Very few were up. But even some top-rated people were down."
At Morgan Stanley, senior investment bankers and traders are receiving 20% to 30% less compensation for 2011 than the year before, Bloomberg reported. Goldman Sachs apparently underwent a "bloodbath" yesterday when bonuses were given out, one employee told NetNet. NetNet reported that the fixed income, currency and commodities division "were hit the hardest." Given the crummy market environment and subsequent trading results across the Street, that's no surprise.
Employees across all levels may have been feeling the burn yesterday, but there are a few individuals who aren't. Jamie Dimon will take home $42 million for his work in 2011, Euromoney reports, while Lloyd Blankfein will pocket $21 million. And for all the fires he put out at Jefferies last quarter, Chief Executive Richard Handler will earn $21 million.
Talk about an income disparity.
Inch by Inch (FINS)
Project BAC is chugging along at Bank of America, decimating thousands of jobs in 2011 and not letting up through 2012.
Just for Women (Bloomberg)
A former investment strategist at Invesco is launching an asset management firm to be staffed by all women. Diane Garnick, 45, will hire nine more women by the end of the year.
Oh Man (Reuters)
Man Group, which said it would cut 400 positions last September, will have to make more cuts in 2012 after experiencing a client exodus over the last two quarters.
Sell-side to Buy-side (Mergers & Inquisitions)
To make the leap from M&A to distressed hedge funds, you need to have tight investment ideas that will get you noticed.
Move for the Money (United Press International)
People are willing to leave their local job markets in pursuit of their next great opportunity, a recent survey found. Nearly half of respondents said they'd relocate to find a new job.
Forfeiting Honors (DealBook)
This is what happens when you run a bank into the ground: Ysou lose your knighthood, just like the former chief executive of the Royal Bank of Scotland.
Surprise Surprise (CNN Money)
Here's one ranking where Edward Jones ranks ahead of Goldman Sachs: the top 100 companies to work for.
Buzz Around the Office
Johnny Otis, the "godfather of rhythm and blues," died yesterday. He was 90.
List of the Day: Get Their Attention
Here's to get your e-mails read by the people who matter.
1. Keep them short.
2. Be specific in the subject line.
3. Highlight or bold important things.
(Source: The Daily Muse)