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TOP STORIES |
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Top Dogs Forego Bonuses; Impact on Others Unclear |
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Goldman Sachs' top seven executives won't be taking bonuses for 2008. The top 12 at UBS won't receive any for this year, and beginning next year the bank is dropping the annual bonus system for its chairman and installing an entirely new model of variable pay for other top executives and unspecified "risk-takers." |
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Institutional Buy-Side Layoffs Mount |
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Traditional asset management is fast losing its status as a career haven in today's stormy seas. First it was Fidelity and Janus. Now it's BlackRock announcing its first mass layoff ever and Putnam pushing out dozens of portfolio managers and analysts. |
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HR, Shake Hands With PR |
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Banks that reject public demands for an across-the-board moratorium on bonuses face a formidable public relations challenge. They can start by educating the public about the critical distinction between C-suite executives and hard-working pros in the trenches, and between banking and most industries whose employees work primarily for fixed salaries. Banks should emphasize that the word "bonus," is a misnomer.
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Our Take: Repairing the Pay Model |
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The current groundswell against Wall Street bonuses, while deeply flawed, is not entirely misplaced. Ongoing efforts by insiders acting in a spirit of analysis rather than blind anger, might well catalyze constructive change. |
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eFC Briefing: Deep and Wide Swings the Ax |
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Citigroup and Morgan Stanley joined this quarter's layoff parade with super-size numbers, confirming predictions that all the jobs lost earlier in 2008 were just a down payment. Two previously unscathed segments, Canadian banks and the institutional buy-side, now are cutting heads too. |
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