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Note from Jack Kelly, Publisher at CompliancEX
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USA Today, the recognized bible of financial reporting, excitedly proclaimed that "Sports car sellers and Hampton's beach house realtors rejoice: Wall Street bonuses hit their highest level since 2007."
The newspaper's vision of drunken investment bankers and traders recklessly buying Bentley Continental GTs with their fat bonus checks was inspired by New York State Comptroller Thomas P. DiNapoli's report that the average 2013 bonus paid to Wall Street employees in New York City grew 15% to hit $164,530.
Meanwhile, over at the Wall Street Journal, Ms. Julie Steinberg offered a more reasoned and sober explanation. "Over the past two years, the bonus pool ballooned 44% due in large part to deferred compensation."
If you recall, banks didn't have the cash to keep "producers" such as investment bankers and traders in the after math of the financial crisis. Scrambling for ideas, the banks decided to pay certain key employees with cheap company stock and options (i.e. stock that was brutally pummeled during the financial crisis and considered only useful for wallpaper) with long-term lock-up provisions to keep the bankers and brokers handcuffed to their jobs.
Ms. Steinberg added about the bonus payments that "The deferred compensation, once lamented by Wall Street workers, is now providing a welcome enhancement."
Fixed income sales and trading divisions are experiencing downsizing's due to the Fed pulling back from bond buying, traders are being replaced by algorithmic computer programs, costly legal settlements and new restrictive regulations are eating into corporate profits.
As a result, Wall Street has shrunk by 12.6 % since the financial crises.
If you back out the deferred payments of stock and options, the bonus figures do not look that great.
Sorry, sports car dealerships, this one-off deferred bonus gain may not entice bankers to buy when they notice their colleagues being shown the door.
Also, if a banker was inclined to purchase a Tesla in New Jersey, forget about it. As reported in The Wall Street Executive, bridgegate Governor Chris Christie is not allowing New Jersey Tesla dealerships in his state.
What do you think? We would love your thoughts. Please email me directly at [email protected] and we can share your insights with your fellow readers.
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Federal prosecutors are examining whether General Motors is criminally liable for failing to properly disclose problems with some of its vehicles that were linked to 13 deaths and led to a recall last month, according to a source familiar with the investigation.
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A senior currency dealer at Lloyds Banking Group Plc (LLOY) shared details of a pending order by his firm with a trader at another company to the potential detriment of the bank, according to four people with knowledge of the matter.
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 Around the world, investigators are trying to find out if the largely unregulated foreign exchange market was manipulated. Even before the investigations are completed, the pace of change will pick up in the $5 trillion-a-day market, in both what moves currencies and the way business is done.
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Sports car sellers and Hampton's beach house realtors rejoice: Wall Street bonuses hit their highest level since 2007.
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Martin Chantree, a senior currency dealer at Lloyds Banking Group Plc (LLOY), shared details of a pending bank order with a trader at BP Plc (BP/) to the potential detriment of the bank, according to four people with knowledge of the matter.
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 It's estimated that as much as $600 billion is smuggled out of China a year, through art, gambling, fake trade-and now bank cards.
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 During almost five hours in front of the Treasury select committee on Tuesday, Carney also unveiled plans for a new deputy governor to focus on banking and markets as part of an overhaul to bolster the Bank's credibility.
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 Bill Gross is under pressure on a new front, after one of the trustees of his Pacific Investment Management Company said he is overpaid.
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 If you work in fixed income for Barclays or Deutsche Bank and you receive a better job offer, you may want to do some serious weighing-up.
Continue to article
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 A former analyst for hedge fund Two Sigma Investments LLC was indicted in New York on Tuesday on state charges he stole information about the fund's confidential computer trading models.
Continue to article
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 The New York State Department of Financial Services, which regulates a wide range of financial institutions and has shown an interest in establishing a specific set of rules for virtual-currency companies, issued an order today that is the first step to establishing a Bitcoin or virtual currency exchange in New York.
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 The authorities are suggesting that a group of London traders, known as the "cartel" and the "mafia," may have been illegally dipping into the $5.3-trillion-a-day currency trade.
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 At a time when some government agencies are backing away from virtual currency, New York's top financial regulator is taking a big step forward.
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 Leaders of the Senate Banking Committee unveiled a bipartisan plan on Tuesday that would wind down Fannie Mae andFreddie Mac, and replace them with a hybrid public-private mortgage-finance system.
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If you are interested in continuing the conversation with Jack please feel free to email him at [email protected]
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The Financial Conduct Authority of Britain is turning to another industry veteran as it looks to bolster its expertise in its supervision division.
Continue to article
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Fabrice Tourre, the former Goldman Sachs trader who reaped millions of dollars on Wall Street before a federal investigation derailed his career and redefined him as both a symbol and a scapegoat of the financial crisis, is now losing a piece of that small fortune to the
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Bart Chilton says he'll leave the U.S. Commodity Futures Trading Commission next week after almost seven years of pushing for limits on oil and natural gas speculation, as well as curbs on algorithmic and high-frequency trading.
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More than 50 employees from HSBC (NYSE:HSBC) have left the company's Hong Kong office for jobs at Chinese investment banks in the city after disagreements with the British bank on its new bonus policy, the South China Morning Post, or SCMP, reported Tuesday, citing sources.
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Exchange operator Nasdaq OMX Group Inc (NDAQ.O) is considering a move to offer trading and clearing of foreign exchange, as investigations into alleged currency market manipulation boost interest in easier-to-regulate trading via exchanges, one of its executive vice presidents said.
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CompliancEx provides our viewers with in depth industry articles, seminar and conference information, advertisers relevant to Compliance and a chance to write editorials for our blog.
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When: April 1, 2014
Where: The Princeton Club, NYC
15 West 43rd Street
New York, NY 10036
**CompliancEX subscribers are eligible for a 10% registration discount with Code FMP173**
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* Network with some of the industry's top players and decision-makers who have found success with liquid alternatives
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