Saturday, March 28, 2009

Bases and bonuses

"March 28 (Bloomberg) -- Bank of America Corp. plans to increase some investment bankers’ salaries by as much as 70 percent following the takeover earlier this year of Merrill Lynch & Co., people familiar with the proposal said.

“The concepts we are considering would not increase total compensation,” Brian Moynihan, Bank of America’s president of investment banking and wealth management, wrote yesterday in a memo to employees obtained by Bloomberg News. “Rather, we believe it is responsible, and consistent with the emerging public consensus, that a greater percentage of overall compensation come from fixed base salary.”"

Oh really.

The public, according to Bloomberg, now believes that investment bankers should have higher base salaries. Maybe it's impossible to ever have an intelligent conversation about money. At least this chapter will be over soon.

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