Felix Salmon

In praise of across-the-board bonuses

Quentin Fottrell has a great headline today: “25% of firms give bonuses for incompetence”. Which is shocking — but not in the way that Fottrell intends. Because it’s not really incompetence which is being rewarded here. Instead, it’s simply employees getting a bonus when their employer does well enough to be able to afford to give out such a thing.

What happened to Ina Drew’s clawback?

When he was testifying to Congress, Jamie Dimon hinted that there might be clawbacks of bonuses with the CIO group — the group which lost as much as $9 billion, shattered public trust in the bank, and turned Dimon from a hero into a goat.

We’re in the dark about Wall Street pay

Today is a very big day at Goldman Sachs.

It’s bonus season on Wall Street and Goldman’s employees are about to learn their “number,” the annual object of obsession that makes up the bonus portion of their compensation. Depending on the number of zeros attached to that number, Wall Streeters will rejoice, buy big homes or quit in a huff.