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Coffeeshop Chit Chat - Bank chief take 99% pay cut !</TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>Spearmint000 (Spearmint888) <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>12:02 pm </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 1) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>12605.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>In the pirvate business, if you dun perform ... you take the bullet. Why our Goverment want to benchmark against the private sector in salary and yet do not want to take the consequences.
YOU GUYS ARE ALL BULL SHIT
http://www.channelnewsasia.com/stories/afp_asiapacific_business/view/426298/1/.html
Australian bank says chief takes 99% pay cut
Posted: 01 May 2009 1948 hrs
SYDNEY : The chief executive of Australia's largest investment bank, Macquarie Group, has taken a 99 per cent pay cut after its annual profit plunged by more than half, the bank revealed Friday.
The move came as the bank, once dubbed the "millionaire's factory," posted a massive 52 per cent drop in profit to 871 million Australian dollars, Macquarie's first profit drop in 17 years.
Chief Executive Nicholas Moore saw his full-year remuneration for fiscal year to March 2009 drop to 290,756 Australian dollars from 26.75 million Australian dollars the previous year, figures released by the bank showed.
The biggest blow to Moore's remuneration package was in his short-term cash bonus as Macquarie moves to more closely link bonuses with performance following the explosion of the global financial crisis.
The pay-packets of all Macquarie's top executives have plunged in line with the bank's struggling share price and record decline in profits.
"My pay-packet and the pay-packets of all Macquarie Group executives is based on the underlying profitability of the organisation. It's determined by the board," Moore said.
"There's a lot of components to what is happening with remuneration. It's an outcome that is consistent with the underlying performance of the organisation," he said.
Macquarie's total executive salary bill dropped from 124.7 million Australian dollars to just 11.36 million Australian dollars during the year to March.
Macquarie said it had changed its remuneration arrangements for executives "in the light of global remuneration and regulatory trends".
The bank has extended its executive profit share scheme from three to seven years amid worldwide calls for executives to be given longer-term incentives that encourage fiscal and corporate prudence.
The huge pay packets claimed by executive of failed or severely troubled companies such as US insurer AIG and other firms has sparked outrage since the world was gripped by crisis in October.
- AFP/ir
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YOU GUYS ARE ALL BULL SHIT
http://www.channelnewsasia.com/stories/afp_asiapacific_business/view/426298/1/.html
Australian bank says chief takes 99% pay cut
Posted: 01 May 2009 1948 hrs
SYDNEY : The chief executive of Australia's largest investment bank, Macquarie Group, has taken a 99 per cent pay cut after its annual profit plunged by more than half, the bank revealed Friday.
The move came as the bank, once dubbed the "millionaire's factory," posted a massive 52 per cent drop in profit to 871 million Australian dollars, Macquarie's first profit drop in 17 years.
Chief Executive Nicholas Moore saw his full-year remuneration for fiscal year to March 2009 drop to 290,756 Australian dollars from 26.75 million Australian dollars the previous year, figures released by the bank showed.
The biggest blow to Moore's remuneration package was in his short-term cash bonus as Macquarie moves to more closely link bonuses with performance following the explosion of the global financial crisis.
The pay-packets of all Macquarie's top executives have plunged in line with the bank's struggling share price and record decline in profits.
"My pay-packet and the pay-packets of all Macquarie Group executives is based on the underlying profitability of the organisation. It's determined by the board," Moore said.
"There's a lot of components to what is happening with remuneration. It's an outcome that is consistent with the underlying performance of the organisation," he said.
Macquarie's total executive salary bill dropped from 124.7 million Australian dollars to just 11.36 million Australian dollars during the year to March.
Macquarie said it had changed its remuneration arrangements for executives "in the light of global remuneration and regulatory trends".
The bank has extended its executive profit share scheme from three to seven years amid worldwide calls for executives to be given longer-term incentives that encourage fiscal and corporate prudence.
The huge pay packets claimed by executive of failed or severely troubled companies such as US insurer AIG and other firms has sparked outrage since the world was gripped by crisis in October.
- AFP/ir
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