Michael Karp News
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Citigroup Inc., whose shareholders rejected its former leader’s pay package, gave new Chief Executive Officer Michael Corbat an $11.5 million compensation deal for 2012.
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SAC Capital Advisors LP is raising bonuses for its portfolio managers by 3 percentage points to help retain employees as the U.S. government’s insider-trading probe moves closer to Steven A. Cohen’s $14 billion hedge fund, according to a person familiar with the matter.
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Wells Fargo & Co. is betting its securities business can thrive 600 miles from New York in the same city Bank of America Corp.’s traders largely abandoned.
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The proportion of investment bankers who got no bonuses last year more than doubled to about 14 percent, a poll by executive-search firm Options Group shows.
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Wall Street banks are deflating pay expectations to avoid a replay of last year when cutbacks on bonuses and increased deferrals surprised bankers and traders.
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Wall Street executives, facing demonstrators camped for a fourth week in New York’s financial district, say they’re anxious and angry for other reasons.
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Wall Street’s credit-derivatives traders, who before the financial crisis commanded $2 million of annual pay, are being replaced by machines as banks cut costs and heed new regulations.
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In the five years that John Silvetz made about $700 million for Deutsche Bank AG by trading corporate bonds and credit derivatives, the share of his annual bonus paid in cash dropped to 20 percent from almost 70 percent.
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Morgan Stanley , the sixth-largest U.S. bank by assets, has told some employees to expect investment banking bonuses to decline 10 percent to 30 percent, according to two people briefed on the matter.
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After a three-decade career in banking, John Hurst found himself unemployed in November, caught up in Bank of America Corp.’s plans to cut more than 30,000 employees by 2015.
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