Another Top Firm To Up Base Salaries
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The newspaper quotes from a recent securities filing, which confirms that the base salary of firm co-Presidents Walid Chammah and James Gorman will increase to $800,000-a-year, the same as CEO John Mack. CFO Colm Kelleher, CAO Thomas Nides and Chief Legal Officer Gary Lynch will each get $750,000. The firm's 1,000 Managing Directors will also likely see their salaries increase by up to 20%, while executive directors and VPs will also get base pay rises.
The move follows the news that UBS is thought to have increased the base pay for Managing Directors over at its investment banking unit by up to 50%. Bank of America / Merrill Lynch is also thought to be looking at doing something similar.
In the meantime, US Treasury Secretary Tim Geithner said last week that he is expecting 'very substantial' change in the way that US firms compensate their firms, with bonuses tied much more to longer term performance. Geithner said in a Bloomberg TV interview that 'I don't think we can go back to the way it was'.
And The New York Post reports that Goldman Sachs may be losing its touch. The firm lost out last week when bidding in a consortium for Florida's BankUnited, which was being auctioned off by the Federal Deposit Insurance Corp. Goldman also failed in a bid in similar circumstances earlier this year to acquire IndyMac Bancorp.
Finally, Financial News reports that 80% of London-based convertible bond traders have lost their jobs since the credit crisis started to bite 18 months or so ago. Only 100 traders are said to be left out of around 500 plying their trade before the credit crunch put pay to their business.
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