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Jobs and Career Management in the Financial Markets, Banking & Finance |
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TOP STORIES
Macquarie's pay cuts: sensible or shocking?5 May 2009COMMENTSThe top guys rake it in during the good years and juniors are left to bear the brunt during the bad years. Read all comments »Macquarie’s bosses were always going to get a pay cut, but did you expect it to be quite this big? Macquarie Group chief executive Nicholas Moore's remuneration has dropped by a whopping $26m million to just $290,756. Senior executive pay has decreased dramatically too, in line with the bank's flagging share price and 52% fall in net profit. The firm’s total wage bill for its executive team decreased from $124.7m to $11.36m. Will these cuts make it harder for the so called “millionaire’s factory” to recruit and retain senior talent? Or is Macquarie simply implementing a sensible reward strategy in tough times? Is it actually ahead of its foreign investment banking rivals in curtaining compensation to meet market conditions? Let us know below.
COMMENTSbif, Insurance, Tue 05 May 09After the largest ever drop in full-year profit, these cuts seem reasonable. Add your comment »Zigo, Asset Management, Tue 05 May 09Moore says it right....
AndrewJC, Asset Management, Tue 05 May 09MQ still rewards those who perform:
MacMan, Asset Management, Tue 05 May 09Macquarie's board has made a sensible decision on pay - one which larger i-banks should also be following. Add your comment »Disgruntled, Quantitative Analytics, Tue 05 May 09Yet again Macquarie has pulled wool over the eyes of the market. A closer look at Macquarie's remuneration report shows that CEO Nicholas Moore actually earned $6.13 million in 2009, but lost $5.84m on restricted profit share allocated in previous years, giving us the reported $290k. Given Moore earned $26m in 2008, he’s hardly doing it tough. Add your comment »Big Mac, Private Banking / Wealth Management, Wed 06 May 09Big Deal! it is only for one year paycut and I'm sure they will not be eating Maccas for lunch from now on. Add your comment »gipped, Investment Banking / M & A, Wed 06 May 09Totally agree with Disgruntled... they have totally got everyone fooled...
Get Real Mac Bank, Investment Banking / M & A, Thu 07 May 09Agree with disgruntled and Gipped. Mac Bank is a joke and continues to try and hide the true position of not only its senior exec remuneration levels but its whole business. Why would the Aust Govt support this opaque farce? When will the market wake up to this? Add your comment »Amazed, Investment Banking / M & A, Fri 08 May 09I've heard that junior Macquarie analysts (who would typically work 80-100 hours per week) got bonuses of less than 10-15k. Add your comment »Really Amazed, Investment Banking / M & A, Fri 08 May 09amazed.. that's right its more like less than 10k... Add your comment » |
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