Financial crisis was the worst in a generation — unless you were an American investment banker, Reuters' Breakingviews says. Employment in the securities industry fell by just under 79,000 positions from the peak in June 2008 to last month, according to the Bureau of Labor Statistics. That’s no small number. But it’s actually 14,000 shy of the number of jobs lost during the rout of March 2001 to October 2003 that followed the burst of the dot-com bubble.
We'll Pay You Anyway (BusinessWeek)
RBS may pay out $2 billion in 2009 bonuses for i-bankers. Not too shabby for a bank that’s 84% owned by British taxpayers. Summary via NYT Dealbook below.
Nomura to Almost Triple Salaries for Some University Graduates (Business Week too)
Royal Bank of Scotland (RBS or RBOS?) which is majority-owned by the government after a 2008 bailout, said Thursday it had set aside more money to pay bonuses to its investment banking staff after reducing its losses last year, New York Times reports.
The bank narrowed its 2009 loss to £3.6 billion, or $5.5 billion, last year compared to a £24.3 billion loss in 2008 — one of the biggest in British corporate history. Shares in R.B.S. rose 6.7 percent in London by midday because the loss was smaller than some analysts had expected, and the bank also said loan losses probably peaked. Read More »