Lunchtime Links: Senior trader awarded himself 92% of the bonus pool
Executives at Deutsche Bank may be relinquishing their bonuses for the good of their subordinates, but self-serving individuals aren't entirely extinct. The Financial Times reports that Alexandre Mouradian, head of the exchange-traded options desk at Tradition Securities & Futures, and manager of a team of seven employees, awarded himself 92% of the 1.43m bonus pool. Not satisfied with this, Mouradian is now suing Tradition for allegedly shortchanging him out of a further 92k. The Court of Appeal is calling the case "a hoot".
Forget John Thain's assurances that fixed income jobs are safe, Merrill apparently plans to chop 500 traders, fixed income professionals included. (Bloomberg)
Merrill head of strategy could leave with as much as $25 million. (Wall Street Journal)
Laid off Merrill staff to get 12 weeks' pay. (Dealbreaker)
"A big reason why these firms have been scrounging for capital is they keep blowing huge wads of it on their rank-and-file." (Bloomberg)
French banks to get €10.5bn from the state. (FT)
Executive pay curbs go global. (Wall Street Journal)
Bernanke gets fiscal. (Reuters)
Jamie Dimon: Still Warning The Bailout Might Not Work.
LIBOR FALLING. (FT)
Lloyds bankers cashiers will still get bonuses.
(Guardian)
Mega bonuses over before they began at HSBC.
5k cookers falling out of favour. (Guardian)
McKinsey's big idea: spend $2bn less on consultants. (The Times)
