Daily Dispatches: Mac hits back on exec pay
Macquarie is warning that listed Australian banks could lose executives to boutique investment houses and overseas-based firms, if new termination payment regulations are too strict. "Australia's ability to attract and retain high-talent individuals will be significantly constrained," the bank's acting chairman Kevin McCann told the Productivity Commission in a written submission.
McCann said public companies like his compete with private organisations that are not subject to remuneration scrutiny. "Boutique investment managers, private equity investors and hedge funds have been able to attract senior staff from publicly listed companies," he added. (The Australian)
Employee share bonanza for Macquarie. (Sydney Morning Herald)
Bar Cap creates new APAC group. (Financial News)
Survey shows improved prospects for service sector jobs. (The Age)
Merrill Lynch insider trading allegations explained. (The Age)
Public perception of fin planners takes a tumble. (Money Management)
Why ANZ loves ATMs.
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