The News: Retention, and Then There's Retention
Here's a loyal employer: AIG reportedly offered some $450 million in retention pay to people in the unit who sold the very credit-default swaps whose collapse nearly brought the company down. A spokeswoman told the Houston Chronicle, "It was clear, given the market environment, that we would need to retain employees to manage the complex issues arising in our financial products business, which we are now unwinding." She says the retention program was begun before the government bailed out the firm.
AIG said to pay millions to keep derivatives staff [Houston Chronicle]
Man bites dog, bank boosts 401(k) match: Republic Bank of Louisville is increasing the match to 100 percent of employee contributions and cutting the vesting period.
Oddity: Republic Bank boosts 401(k) kick-in [ FinancialWeek]
A big bear leaves Morgan Stanley [Bloomberg]
Northern Trust is getting out of ETFs after less than a year [Reuters]
Robert P. Browne, formerly of ING, becomes Northern Trust's chief investment officer [Chicago Tribune]
Laura Kaplan becomes head of SunTrust's Private Wealth Management Legal Specialty Group [RTTNews]
Robert M. Blumenfeld joins Buccino & Associates' New York office from Bryant Park Capital [Buccino via PR Newswire]
You may not have to work at McDonald's, but you're probably eating there more [NY Post]
"Hi. My name's Melody and I date an investment banker." [Dealbook]
Maureen Dowd's got her eye on you [NY Times]