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And, amidst all this talk of 'loads of money', spare a thought this Xmas time for the little people. How about the cleaners ? Well, they won't get much of a bonus. But at least those who work at Morgan Stanley in London will receive some cheer. According to the Times 'City Diary' column, the firm's cleaners have just been awarded a pay rise to £6.70 an hour (around $12).
Anyway, back to the serious stuff. Here's the latest gossip/rumours on bonuses:
Private bankers in Asia look set for a bumper year. The war on talent in this area is likely to result in bonuses, on average, rising 50% this year. According to a Boston Consulting Group study, base salaries are also likely to take a hike of up to 30%.
Top energy traders are also likely to receive bonuses up 50% (up to $10m each) on last year, as firms will earn around $8bn in commodities-related revenues in 2005.
Finally, it seems it won't be all good news on the comp front if you work in a top US law firm. Sullivan & Cromwell confirmed last week that salaries and bonuses are not likely to increase on last year. And Cravath Swaine & Moore have now come out and said broadly the same thing.
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