There’s a Bear Market on Bonuses
That’s right, some banks are in retreat as payout time looms…
Credit Suisse yesterday became the first bank to pass on the UK 50 per cent bonus tax to staff with bonuses to be cut by more than a third.
And Deutsche Bank joined others in playing the ‘raise fixed salaries and cut variable pay game’ to avoid some of the tax. Barclays and others have already taken this route.
Elsewhere, king of the ‘two fingers to you lot (Gordon/Obama et al) we’re having our bonuses’, Goldman has yet to reveal their plans. According to the New York Post:
…the gold-plated bank is hoping to tamp down some of the expected public rage by delaying details of the payments for at least another week — after the bank reports earnings tomorrow and after rivals reveal their compensation plans.
A sneaky strategy apparently denied by Goldman’s PRsters.
