|
||||
|
Jobs and Career Management in the Financial Markets, Banking & Finance |
|
||
|
||||
 |
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.
COMMENTSAlso disgruntled, Investment Banking / M & A, Fri 08 May 09Agree with Amazed - There has been talk of a 25% bonus reduction for top executives in some divisions compared to a 90% reduction for the junior guys who have not been made redundant. For a company which places so much emphasis on young employees as their most valuable resource, they show a surprising disregard when their own remuneration is threatened. Add your comment »Oracle, Investment Banking / M & A, Sat 09 May 09No point in complaining. The senior guys at Macquarie know that there are thousands of young people lining up to work at Macquarie. So staff who aren't happy with their bonuses this year can leave if they feel ripped off as they will be easily replaced. Macquarie will still emerge the winner and the leavers would be cutting off their noses to spite their face. That unfortunately is the reality of the current economic environent. Add your comment » |
|||
|
|
||||
