Word: bonus
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Before this year, the highest single yearcompensation package in HMC history was the $1.4million Meyer's predecessor Walter M. Cabot '54earned when he received his retirement bonus. Thisyear three managers exceeded that amount...
...have a base salary between $30,000 and$50,000 a year. Then there's the bonus which youget at the end of your first working year, maybe30 to 60 percent of whatever business yougenerate," says Sara M. Mulholland '95, who willwork at Robertson Stephens in San Francisco nextyear...
...banks were private partnerships a la Goldman Sachs, but others besides Salomon (such as Merrill Lynch, Morgan Stanley and Bear Stearns) have gone public. Morgan Stanley's shares have tripled in value in less than 10 years, but the other two have turned in a mediocre performance, and the bonus system is partly to blame...
...rallied to Buffett's side because this is one labor dispute where it's worth it to root for the owners-especially if you're one of them. Without the benefit of such solidarity, Salomon Brothers last month announced that it was backing down on the reform of the bonus system, so Buffett may have lost this battle. Salomon is beginning to resemble the Pittsburgh Pirates, with the high-priced talent going elsewhere. Again, it's like baseball, with the rival owners hoping that Buffett somehow succeeds so they can rein in the salaries of their players, but still paying...
School officials have countered with a separate policy which would step up recruiting efforts and offer financial incentives to minority applicants, including higher initial salaries and a $2,000 bonus to help defray their moving expenses, Caines said...