Entries tagged "banking bonuses"
While President Obama criticized the banking industry for issuing bonuses for 2008, there are more pressing reasons for Morgan Stanley and Goldman Sachs to cut compensation and staff.
Simply because the president chastised Wall Street for taking bonuses doesn't necessarily mean banking is dead or that, as the president himself said, there will not come a time when bankers can make profits again. But who will make them?
Looks like even more bad blood is in store between Merrill Lynch & Co. and its new parent company Bank of America Corp. Only a week after John Thain sped things up so that Merrill staffers would get $4 billion in bonus money (inspite of a surprise $15 billion fourth-quarter loss), BofA is reportedly planning to defer paying bonuses to its own capital markets and investment banking units....
Wall Street chieftains across the board may be forgoing bonuses this year, but don't tell that to Alvarez & Marsal's Bryan Marsal. ...
