Guaranteed bonus quote of the day

By Felix Salmon
August 26, 2009
we are destroying ourselves when we do it. We need to reward people with objectives that are clear, that are long-term, and that are given to people who are committed to our industry."

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“I will only say one more thing here tonight, and it’s about the subject that’s close to most of us – and that is remuneration. We have to realize that remuneration has to be something that we earn. It can’t be guaranteed. I see so much so often in recent weeks of those dreaded two-year, three-year guarantees coming back into the market. And if there’s one thing I could ask all of us tonight, it’s to reflect before we sign the next guaranteed bonus for our colleagues across the industry. Because the reality is that we are destroying ourselves when we do it. We need to reward people with objectives that are clear, that are long-term, and that are given to people who are committed to our industry.”

–Michael Geoghegan, CEO of HSBC, addressing a room full of international bankers in London. Take that, Carney.

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