Investment bankers on massive bonuses. Don't you just love them?

[Dingus]

http://citywire.co.uk/manager/andrew-balls/d14453

 

Andrew Balls gained a bachelor’s degree from Oxford University and a master’s degree from Harvard University. He is currently a managing director at PIMCO’s London office and leads the European investment team. Before he joined PIMCO in 2006, he had been working at the Financial Times as editor of the US Lex column and as chief economics correspondent in Washington, DC for eight years. He also worked at Newport Beach and served as a global portfolio manager and global strategist. He has 11 years of investment and financial market experience.

 

 

APRIL 13TH 2010

http://blogs.wsj.com/iainmartin/2010/04/13/brother-of-ed-balls-warns-on-uk-deficit/

 

I missed this, earlier today, but a helpful reader points it out. Angela Monaghan on the Telegraph highlights a discussion paper on the outlook for the U.K. It was written by Andrew Balls, brother of Schools Secretary Ed Balls, in his capacity as head of the European investment team at leading bond trader Pimco.

 

Balls — Andrew, not Ed — warns of the potential consequences of a failure to take sufficiently robust action to cut the deficit. It could lead to further pressure on the pound and a possible rise in interest rates.

 

“At a time when markets are focused squarely on sovereign risk, there is a danger that a loss of confidence in the UK’s ability to put its fiscal house in order could lead to pressure on the British pound and in turn pressure on the Bank of England to tighten monetary policy in spite of weak growth.”

 

He added that Britain was facing a “very weak growth outlook”. Even if you were his bother Ed, you would find that a difficult statement to disagree with.

[lizmachin]

The illustrious Andrew Balls said to be on a salary of around $13 million and with a multi million dollar mansion in Knightsbridge.

[Jim Graham]

I think you mean "Don't I Just Envy Them"

 

It is clear from the figures that the bright one of the Balls brothers consistently makes 3% more money for clients than the average investment banker. Those clients are likely to be pension funds for the likes of me. As far as I'm concerned if he's adding 3% more to my pension pot than some other guy they can't pay him enough. His employers probably think the same because anyone with money to invest is going to come to them not the other guy. The chances are you and I would lose money doing that job. And if we did we we would be sacked. Pension funds need to invest their billions with winners not losers and the companies that employ winners are going to pay a lot to keep them. Brother Ed on the hand has such a slim grasp on reality never mind economics he wouldn't last 5 minutes with one of those companies.

[wednesday1]

I think you mean "Don't I Just Envy Them"

 

It is clear from the figures that the bright one of the Balls brothers consistently makes 3% more money for clients than the average investment banker. Those clients are likely to be pension funds for the likes of me. As far as I'm concerned if he's adding 3% more to my pension pot than some other guy they can't pay him enough. His employers probably think the same because anyone with money to invest is going to come to them not the other guy. The chances are you and I would lose money doing that job. And if we did we we would be sacked. Pension funds need to invest their billions with winners not losers and the companies that employ winners are going to pay a lot to keep them. Brother Ed on the hand has such a slim grasp on reality never mind economics he wouldn't last 5 minutes with one of those companies.

 

 

 

Can't disagree with you there! heaven help us if you were my pension fund manager with your grasp of economics (or reality) I'd be lucky to have two ha'ppennys to rub together, when I'm an old git!

[Guest sibon]

I think you mean "Don't I Just Envy Them"

 

It is clear from the figures that the bright one of the Balls brothers consistently makes 3% more money for clients than the average investment banker. Those clients are likely to be pension funds for the likes of me. As far as I'm concerned if he's adding 3% more to my pension pot than some other guy they can't pay him enough. His employers probably think the same because anyone with money to invest is going to come to them not the other guy. The chances are you and I would lose money doing that job. And if we did we we would be sacked. Pension funds need to invest their billions with winners not losers and the companies that employ winners are going to pay a lot to keep them. Brother Ed on the hand has such a slim grasp on reality never mind economics he wouldn't last 5 minutes with one of those companies.

 

You might be surprised to know that I agree entirely that any investment banker who makes money for his clients deserves rich rewards. It is a shame that the reverse never applies though.

 

As for Ed Balls grasp on Economics, a First in PPE from Oxford and a spell studying at Harvard, suggests that he's got a fair grasp of the subject. Then again, you never did check your facts very well, did you?

[Dingus]

You might be surprised to know that I agree entirely that any investment banker who makes money for his clients deserves rich rewards. It is a shame that the reverse never applies though.

 

As for Ed Balls grasp on Economics, a First in PPE from Oxford and a spell studying at Harvard, suggests that he's got a fair grasp of the subject. Then again, you never did check your facts very well, did you?

 

Yet there is an outcry about bonuses for the top investers at RBS.

 

http://uk.reuters.com/article/2009/10/12/uk-rbs-coutts-singapore-idUKTRE59B5IJ20091012

 

A third of the staff of the Singapore office of RBS Coutts, a private bank that is part of the Royal Bank of Scotland Group (RBS.L) (RBS), have quit in a mass resignation, the bank said on Tuesday

A spokesman for RBS confirmed a story in the Financial Times that 20 key managers resigned along with around 50 support staff in a move the newspaper said could be related to bonus prospects.

 

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7111143/Coutts-remains-the-creme-of-private-banking.html

 

According to the Merrill Lynch Capgemini Wealth Report, the world's super rich – those with $30m-plus in net assets – still have $38.2 trillion (£23.8 trillion) to feather their nest. About £38.1bn of that is managed by Coutts, which last year saw its client assets rise despite the number of high net worths in the UK falling 23pc.

 

In 2008, the iconic private bank also increased its contribution to RBS' UK wealth management profits by 15pc, despite its parent group plunging £24.1bn into the red, Britain's biggest-ever corporate loss.

 

RBS doesn't break out individual results for Coutts but includes them in its overall wealth management results, which also contain Adam & Company and RBS International. In September 2009 the division reported £331m of operating profits for the half year, up 18.6pc on 2008's £279m.

[Guest sibon]

Yet there is an outcry about bonuses for the top investers at RBS.

 

http://uk.reuters.com/article/2009/10/12/uk-rbs-coutts-singapore-idUKTRE59B5IJ20091012

 

Or, at least there was in 2009:wink:

 

Does anyone know if they did quit?

[Dingus]

Or, at least there was in 2009:wink:

 

Does anyone know if they did quit?

 

Aparently so. It seems they moved to a Swiss rival.

 

http://uk.reuters.com/article/2009/10/13/uk-rbscoutts-singapore-idUKTRE59C0MG20091013

 

Reuters) - More than a quarter of the staff at the Singapore office of private bank RBS Coutts have quit in a mass resignation and some, sources said, could be joining Swiss rival BSI.

 

RBS Coutts, part of Royal Bank of Scotland Group (RBS.L) (RBS), said on Tuesday "a little over 70 people" had resigned from the bank.

 

The departures came a few months after Hanspeter Brunner, former co-CEO of RBS Coutts, and Raj Sriram, head of its South Asia unit, decided to leave the wealth manager, sources said.

 

Both executives are joining BSI and some staff will join them, the sources told Reuters. The sources did not want to be identified because the hirings at BSI were not public. BSI was not available for comment.

 

The defections could be a sign that job-hopping is beginning to pick up in Asia's competitive wealth management market, which is recovering from last year's market meltdown.

[Guest sibon]

Aparently so. It seems they moved to a Swiss rival.

 

http://uk.reuters.com/article/2009/10/13/uk-rbscoutts-singapore-idUKTRE59C0MG20091013

 

Reuters) - More than a quarter of the staff at the Singapore office of private bank RBS Coutts have quit in a mass resignation and some, sources said, could be joining Swiss rival BSI.

 

RBS Coutts, part of Royal Bank of Scotland Group (RBS.L) (RBS), said on Tuesday "a little over 70 people" had resigned from the bank.

 

The departures came a few months after Hanspeter Brunner, former co-CEO of RBS Coutts, and Raj Sriram, head of its South Asia unit, decided to leave the wealth manager, sources said.

 

Both executives are joining BSI and some staff will join them, the sources told Reuters. The sources did not want to be identified because the hirings at BSI were not public. BSI was not available for comment.

 

The defections could be a sign that job-hopping is beginning to pick up in Asia's competitive wealth management market, which is recovering from last year's market meltdown.

 

So, some Investment Bankers in Singapore changed jobs in 2009. It happens all the time.

[Dingus]

So, some Investment Bankers in Singapore changed jobs in 2009. It happens all the time.

 

It certainly does but not usually mass defections.

 

http://www.personneltoday.com/articles/2010/02/26/54428/rbs-top-staff-quit-in-their-thousands-with-more-set-to-leave.html

 

Thousands of top RBS staff quit last year and more are set to leave, the bank's chief executive has revealed.

 

Stephen Hester said profits at RBS would have been about £1bn higher if it had successfully retained its employees.