Yesterday, we said Cazenove appeared to have paid average bonuses of 66k last year. We were wrong. Although full year results, for the 'Total Cazenove Group' including JPMorgan Cazenove Holdings, imply cash bonuses of only 66k per head, payouts at JPMorgan Cazenove are accounted for separately and totaled 85m. According to The Times, this left the average JPM Caz banker with 128k in cash and stock bonuses, plus a salary of 135k. Apologies to any Caz bankers who had the size of their packages disparaged as a result.
Caz has closed its French and German operations (Bloomberg).
Merrill's $10m men: Thomas Montag, Andrea Orcel, Peter Kraus, David Gu, David Goodman, David Sobotka, plus four others. (Wall Street Journal).
Bonuses for physical favours (alleged) at Cheuvreux. (The Times).
Deutsche pinches senior US M&A banker from UBS. (Bloomberg).
Big growth in commodities hedging could spur hiring. (Bloomberg).
Fewer banks, higher fees. (Seeking Alpha).
M&A's still booming in China. (Financial News)
Job cuts at Goldman in Aus. (Reuters)
10k to go and take a gap year. (Evening Standard)
Higher base salaries aren't the answer. (Breaking Views)
Deep, deep down in the Bear Stearns boiler room. (CNN)
John Mack may stay at Morgan Stanley forever. (Wall Street Journal)