Top Firm To Be 'Bonus Free' In 2009
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UBS has recently increased the base pay of senior staff, placing less emphasis on bonuses. In common with many other firms in the industry, the firm is also changing its compensation structure to ensure that bonuses are geared more to the long-term performance of the bank.
In the meantime, The Guardian reports that investors are not entirely happy with the structure of the new bonus scheme in place for top executives over at Royal Bank of Scotland (RBS), which is 70% owned by the UK taxpayer. Firm CEO Stephen Hester and a few cohorts were recently given stock awards which are tied to performance, yet there is a suggestion that the criteria isn't stretching enough, and Hester & Co are being encouraged to go back to the drawing board.
And staying with RBS, The Independent is predicting more aggravation this week, as Richard Rae is thought likely to take his 20-strong team from bank-owned Hoare Govett should he (as expected) leave for pastures new. Rae runs Hoare Govett's small companies research unit.
Finally, The Times reports that Barclays President Bob Diamond's family charity, the Diamond Family Foundation, is fresh out of funds, after having been extremely generous with its pledges. The foundation is said to be looking at a funding shortfall of some $3m, but Bob has come to rescue and said he will make good any shortfall. What a guy!
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