Saturday, January 29, 2011
They are still overpaid and underworked
But to their credit, the compensation is going in the same direction as the company.
Bank of America Corp.’s investment banking division set aside about 10 percent less for employee compensation than a year earlier as revenue slipped, said two people with direct knowledge of the decision.If only we could get them to pay their fair share of taxes.
Managing directors in areas that underperformed compared with 2009 saw pay shrink by as much as about 20 percent, said the people, who declined to be identified because the Charlotte, North Carolina-based bank doesn’t disclose compensation figures. Employees of the global banking and markets unit, run by former Goldman Sachs Group Inc. trading head Thomas Montag, were told their year-end payouts on Jan. 27, the people said.
“It’s what you should expect considering it was a pretty volatile year,” said Alan Johnson, managing director of New York-based compensation consultant Johnson Associates Inc. “People were down more than that at other places; I’d say a 10 percent decline overall is a pretty good outcome.”
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