Investment bankers hoping for a tidy bonus packet at Royal Bank of Scotland this year may be disappointed.
U.K. Prime Minister David Cameron said the government isn't taking a back seat to RBS's bonus plans. When he was asked by the media about RBS's plans to pay 500 million pounds ($800 million) in bonuses, he said that number "is not the agreed figure."
"The British government is a major shareholder in RBS," Cameron said. "That is a proposal I have read about in the newspapers, that's not agreed. We have a very big influence over it. We can stop the £500m, absolutely."
The compensation pool at the bank totals 1.99 billion pounds, slightly less than last year's total of 2.14 billion pounds.
Royal Bank of Scotland is 83% owned by the government, which had to rescue it during the financial crisis, and it's been struggling to get back on track ever since. It's currently carrying out plans to shrink the investment bank and has shed more than 27,000 employees since 2009.
Effective Terminations (FINS)
As FINS had predicted, MF Global laid off its 1,066-member broker-dealer unit on Friday. The company will rehire 150 to 200 employees to help with the liquidation, but the ones who got laid off will have to cope with no severance or deferred compensation.
Japanese Reduction (Reuters)
Mizuho Financial Group will shed 10% of its workforce, about 3,000 jobs, by the end of its fiscal year 2015. The layoffs are a result of the merger between the firm's retail and corporate banking units.
Expanding the Ranks (Cantor Fitzgerald)
Cantor Fitzgerald has touted its recent hires in sales and trading, but it's also ramping up hiring for investment bankers and equity research analysts. It just brought on a slew of hires from Gleacher & Co.
Stepping Down (Bloomberg)
Yusuf Alireza, co-president of Goldman Sachs's Asia-Pacific region excluding Japan, is leaving the firm. Alireza, 41, was promoted in January and was one of four Asia-based members on the firm's global management committee. His co-president, David Ryan, will remain in place.
Evading Detection (MoneyWatch)
When you're looking for a new job, your first thought might be to update your LinkedIn profile so as to better broadcast your skills and experience. Take care of one simple thing before you do that, though, so your boss doesn't know you're on the hunt.
The Right Step (WSJ)
The market for student loans is grim these days, as banks are lending less but colleges are demanding more (tuition). It may make more sense to skip out on the fancy degree if you can't afford it.
Take a Load Off (BusinessInsurance)
And daydream about working in one of these fictional offices. We'd personally prefer to work at the Bluth Company.
Buzz Around the Office
Hip-Hop Baby (YouTube)
Everyone likes Big Poppa.
List of the Day: "Good" Career Advice That's Actually Bad
Don't listen to these oft-repeated maxims.
1. They aren't paying you enough to do that.
2. Stay in your job for at least one year.
3. Multi-task to get more done.
(Source: Forbes)