Wednesday's Headlines: Goldman's bonus pool down on lower revenue, higher head count
Cry me a river, right? According to Fortune, Goldman's per capita compensation is down 11% to $147,825, as the firm's first-quarter revenue fell 7% for the three months ended March 31. Meanwhile the bank grew its staff by 7% - meaning there were far fewer funds to go around.
Says the magazine: "But if Goldman matches Wall Street's 2011 revenue estimate of around $38.5 billion and pays out the same proportion of revenue to workers as it did last year -- 39% -- its bonus pool will shrink for the third straight year, to $423,000."
Bank of America Merrill Lynch has decided to spin off its $5 billion private equity arm - a direct result of new, restrictive regulation. [DealBook]
BofA merged its corporate and investment banking arms and promoted European banker Christian Meissner to one of three unit heads. [Reuters]
The Swiss government moved forward to toughen capital standards for UBS and Credit Suisse. [Reuters]
BNY Mellon, State Street and Northern Trust reported improving 1Q revenue, but low interest rates continued to pressure the trust banks. [WSJ]
Advisers eyeing CFP designation will have to turn over customer complaint info. [Investment News]
Credit conditions for small businesses are close to pre-crash levels, as small banks fill the void where big institutions pulled back. [Investment News]