Jefferies. The firm, which was profitable in all four fiscal quarters last year, paid out over 90% of its bonuses in cash for 2011. And for those who wanted / needed even more of the green stuff, Jefferies was happy to purchase the stock component of bonuses for cash at 75 cents on the dollar.
Jefferies was essentially the only major firm which gave staff an all-cash 2011 bonus option - but almost nobody took it.
So, if you're miffed because your 2011 cash bonus was capped at $125,000, or ended up only 20% of your total award, perhaps you're working at the wrong firm!
In the meantime, disquiet continues to grow over the furore that led to RBS CEO Stephen Hester giving up his 2011 bonus award. As The Wall Street Journal says: 'The bonus row sends a clear signal to the bosses of all the UK banks that they should avoid any entanglement with the British state at all costs, including relying on UK authorities for liquidity as well as capital. This comes at a time when the economic costs of rapid financial-sector deleveraging are only just being fully appreciated'.
Bloomberg also reports that, according to a New York state Department of Labour filing, Credit Suisse is to eliminate 109 positions in its offices at 1 and 11 Madison Avenue.
And The Wall Street Journal reports that Daiwa Securities is planning to cut an additional 200 staff (making job losses of 500 this cycle in all), mainly in Asia and Europe. Mizuho Financial Group has also said that it will cut 300 positions in its brokerage unit, and Samsung Securities is to undertake a major restructuring which could result in the closure of some parts of the business.
Finally, Bloomberg has reported that Kaufman Bros, a niche investment bank that helped unwind US stakes in bailed-out financial companies, is said to have ceased operations earlier this week. The New York-based firm, founded in 1995, is thought to have employed around 40 staff.
High Finance: A Wall Street Novel
50 Shades of Embarrassing
