Today brings further proof that if you received no bonus at all for 2011, you were in a sad and underpaid minority. Bloomberg cites international figures from search firm Options Group stating that a mere 14% of people didn't receive bonuses last year, up from an even merer 6% in 2010. This is in line with the experience at UBS, where 17% of eligible employees at the investment bank received no bonus last year.
Separately, in its epic account of the demise of MF Global and the downfall of Jon Corzine, Fortune describes one banker who must surely win the prize for failure to have a life beyond work. Christine Serwinski, MF Global's CFO for North America, often worked until midnight, says Fortune. Serwinski had spent 17 years at MF Global, during which she'd consistently worked such incredibly long hours that a finally boss hired a, "personal coach to help her develop her life outside the office."
This personal coach encouraged Serwinski to develop an interest in ballroom dancing and, ultimately led her to resign. As a result, when Moody's downgraded MF Global, she was unfortunately competing in a ballroom dancing competition in Las Vegas.
Goldman Sachs head of M&A explains why there is no M&A. (Financial Times)
Credit Suisse says costs at its investment bank just look high because it allocates central costs realistically, unlike Deutsche and JPMorgan. (Financial News)
Jamie Dimon’s pay was massive, but JPMorgan’s risk officer, was paid less than risk officers at rival firms. (NY Times)
“I‘ve just seen our internal risk committee and they were uncomfortable with something one tenth the size of the JP Morgan trade,” said a senior risk manager at a major European bank. (IFRE)
Natixis was going to close its commodities unit. VTB might be going to buy it. (Reuters)
Rich Ricci, co-chief of Barclays Capital, bought a Euromillions ticket on Friday evening. (Sunday Times)
Luke Ellis, who runs Man’s FRM fund, spent some time being entirely self- sufficient, raising pigs and growing vegetables, before being tempted back to work. (Telegraph)
Michael Lewis and the parable of the fortune cookie. (Princeton University Baccalaureate remarks)
Promotion prevents heart attacks. (Guardian)