It's not pretty at RBS, where anyone earning more than 39k is banned from receiving a cash bonus, but neither is it particularly attractive at BarCap. And BarCap hasn't even received any money from the British government.
According to the New York Post, Barclays is working on a bonus 'template' under which 75-80% of bonuses will be deferred for up to five years and, after tax, bankers will only receive 10% of their total number in cash. That cash may also be clawed back. Former Lehman bankers are said to be displeased.
The alleged Barclays scheme is even more restrictive than the British government would like. Last month, HSBC, Barclays Capital, RBS and Standard Chartered agreed to defer 40-60% of their bonuses for up to three years.
Frits quits. (Telegraph)
The decade's biggest bonuses. (CNBC)
Fed wants US banks to adhere to new bonus rules this year. (CNBC)
Another loss at UBS. (WSJ)
UBS wants to trade harder. (WSJ)
BofA CEO candidates do not want to live in Charlotte. (Bloomberg)
7,000 Italian jobs may go at Unicredit. (Bloomberg)
Up to 20% of top MBAs are unemployed post graduation. (BusinessWeek)
RBS had 30% more staff carrying out administrative duties than its competitors. (Telegraph)