Word: banks
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...Citi, the controversy surrounding Hall's pay was about whether a bank that has received $45 billion in government assistance should be turning around and handing over big bags of cash provided by taxpayers, most of whom won't make one-tenth of Hall's annual salary in their entire lifetimes, to its employees. But now that Hall has left Citi, a larger question remains: Is anyone really worth $100 million a year, and what exactly do you have to do to deserve that much...
Reforms after the financial crisis were supposed to dramatically downsize what bank executives - including hotshot traders - get paid. But a year later, little seems to have changed. Banks, which have roared back to profitability this year, look poised to dole out billions of dollars in year-end bonuses for 2009. Alan Johnson, a top Wall Street compensation consultant, estimates that Wall Street Christmas pay will rise 35% from the figure a year ago. That means Wall Street bonuses could total as much as $19 billion...
...will pay their employees in year-end pay. Bonuses at Goldman Sachs, for instance, are on track to average over $650,000 per employee. Many people will get paid much more. Johnson says if Hall had stayed at Citigroup he might have been the only person at a top bank to receive a $100 million payday this year. But plenty of other folks will come close. He estimates that about 100 investment bankers and traders will receive a bonus of $10 million or more...
...parents of adult children admit to having helped their kids financially - and a third of them concede that this aid is setting back their retirement aspirations, according to financial advisers at Ameriprise. "Have the courage to say no," says Renee Porter-Medley, a financial planner at Key Private Bank in Fort Myers, Fla. State colleges and small weddings are fine; you are under no obligation to help with a down payment. If the kids need money, let them get loans. They have decades to repay them; you can always help out later...
Tory, like others, was attracted by the financial options Peru could provide for him and his wife, whose visa status did not allow her to work in the U.S. Tory went to work in New York's high-pressure investment-banking world after finishing an M.B.A. at Dartmouth. He thought the action was there and he was safe in his job at Bank of America despite the crisis, but he says he realized recently that the offerings in Lima were even better. "I think that I will have more opportunities professionally and personally in Lima," he says...